Signs of housing market stabilization
The housing market appears to be evening out as U.S. quarter-over-quarter prices through the end of May declined only 2.3 percent.
There are signs of market stabilization for the upcoming summer buying season as U.S. quarter-over-quarter home prices through the end of May declined only 2.3 percent, according to data from Clear Capital’s latest Home Price Index (HPI). The 2.3 percent decline was half what the decline was in last month’s report.
Year-over-year home prices for the same quarter were down 7.6 percent, which was an increase from 5 percent in last month's report and sets prices back to levels not seen since the year 2000.
The top performing market for the current quarter through the end of May was the Washington D.C.-Arlington, VA-Alexandra, VA area, which experienced price increases of 4.5 percent quarter-over-quarter. They were followed by St Louis, MO (2.2 percent), Pittsburgh, PA (1.6 percent), New York, NY-Long Island, NY-No. New Jersey, NJ (1.5 percent), and Virginia Beach, FL-Ft. Lauderdale, FL-Miami Beach, FL (0.6 percent)
The worst performing market for the current quarter was the Detroit, MI-Warren, MI-Livonia, MI area, which experienced price declines of 13.2 percent. That was followed by New Orleans, LA-Metairie, LA-Kenner, LA (-10.9 percent), Hartford, CT-West Hartford, CT-East Hartford, CT (-10.7 percent), Cleveland, OH-Elyria, OH-Mentor, OH (-10.1 percent, and Columbus, OH (-10.1 percent).