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The Home Price Monitor Series reviews national home prices by examining several widely cited national measurements. It is released monthly and allows REALTORS® to gain insight into the recent performance of national prices, factors affecting that performance, and the likely direction of prices in the months ahead. The Home Price Monitor includes the same data covered in the national media that clients will expect their REALTORS® to know and be able to comment on and provides different, more complete coverage of the information all in one place. The most current data for June is below.
Highlights
- Existing-home prices increased in April. Only new-home prices weakened a bit in the month. Over the year, home prices are down a bit, but the decline is smaller and almost nonexistent in the distressed-excluded data.
- Housing market activity is seasonal, so year-over-year comparisons are typically the most informative. However, the expiration of the tax credit one year ago makes year-over-year comparisons less informative than usual this period.
- Data continue to show that new homes have better price performance over the year; low levels of new construction and very little activity in the new-home sector should help maintain this trend though low sales levels also contribute to the substantial volatility in the data.
Outlook
- Distressed sales, which hold back existing-home prices, continued to trend down. In May they were 31 percent of all sales.
- Data from the REALTORS® Confidence Index show that the share of distressed sales peaked in the first quarter of 2009 and 2010.
- April and May data suggest that this pattern will also hold in 2011, suggesting that price performance is likely to improve in the months ahead. Stable inventories coupled with the seasonal boost in sales activity will also help support prices.
- Affordability remains high, but continued job growth, confidence, and available financing are necessary for consumers to take advantage. Tight credit spurred by proposed QRM rule changes may hold future buyers back. Learn more about the QRM.
Read the full Home Price Monitor here >
Notice: The information on this page may not be current. The archive is a collection of content previously published on one or more NAR web properties. Archive pages are not updated and may no longer be accurate. Users must independently verify the accuracy and currency of the information found here. The National Association of REALTORS® disclaims all liability for any loss or injury resulting from the use of the information or data found on this page.