Year-0ver-year, prices rose 4.1% for the index of 10 metro areas, while the 20-city index gained 3.2%. But as the chart from S&P Case-Shiller reveals, gains have moderated.
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However, for now at least, prices have stabilized, according to the survey.
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“Home prices crept forward in July. Ten of the 20 cities saw year-over-year gains and only one – Las Vegas – made a new bottom, as the impact of the first time home buyer program continued to fade away,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “The year-over-year growth rates for 16 of the cities and both Composites weakened in July compared to June.
“While we could still see some residual support from the homebuyers’ tax credit, which covers purchases closing through September 30th, anyone looking for home price to return to the lofty 2005-2006 might be
disappointed. Judging from the recent behavior of the housing market, stable prices seem more likely.”
With sales apparently stabilizing at low levels, and economic uncertainty and still-high foreclosures casting a shadow over the housing market and the economy, price stability might be a bit optimistic at this point but it would be welcome.
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