Data through November 2010, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show a deceleration in the annual growth rates in 17 of the 20 MSAs and the 10- and 20-City Composites... See full details and indeces
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We can look at market surveys in so many different ways, but this simple analysis for the period ending December 31, 2010 shows a mixture of basic market indicators. First, local market activity for the month of December shows yet another dip in total sales volume with only 95 new pending sales posted for the period of 11/30/2010 through to 12/31/2010. That's an 18.1% drop in total residential sales volume from a month earlier when we reported 116 new pending sales covering the same geographic area of Dartmouth, Fall River, Little Compton, RI, Somerset, Swansea, Tiverton, RI, and Westport. This is a very typical trend for this time of year in our area yet it marks the 3rd consecutive month of lowering sales volume. Secondly, residential properties that went under agreement from 11/30/2010 through to 12/31/2010 reveal a current median and average sale price of $189,950. and $263,135., respectively. This information shows us a large month to month drop in median sale price of 17.4%, but a slight increase in average sale price, up 0.7% from November's average sale price of $261,145.. Last but not least, year over year statistics for residential properties in the same local market area for the year ending December 31, 2010 reveal a total sales volume of 1,405 properties that went under agreement which is down from 1,501 that went under agreement during the same calendar period of 2009. That's a 6.3% drop in total residential property sales volume. 2010 realized a median and average residential sale price of $199,000. and $268,723., respectivly. While the median sale price remained nearly unchanged, (down 0.4%), year over year, the average sale price was down 5.3% from a year earlier mark of $283,738..
Local market activity is stable August through September. Monthly statistics that cover the towns of Dartmouth, Fall River, Little Compton, RI, Somerset, Swansea, Tiverton, RI, and Westport reveal a total of 139 residential properties went under agreement from 09/01/2010 through to 10/01/2010 with a median and average sale price of $204,450 and $250,345, respectively. September's activity marks only a very slight increase over the volume of residential pending sales realized in August 2010 that came in at 132 properties for the same coverage area. August recorded a median and average sale price of $209,900 and $248,932.
BOSTON — Sales of single-family homes in Massachusetts plummeted in July when compared to the same month last year, reversing a trend of 12 consecutive months of increases and reflecting a weakened real estate market nationally, according to two reports released Tuesday.
Full Article Foreclosed homes permeate the American landscape. According to data from the Massachusetts Institute of Technology (MIT), they make up about one in 12 houses with under $1 million left on the mortgage.
These foreclosures drive down home prices, and MIT gives two reasons for their depreciating effect – because foreclosed homes add to the housing supply and because the financial firms that acquire the houses want to unload them promptly. Full Article Existing-home sales remained at elevated levels in May on buyer response to the tax credit, characterized by stabilizing home prices and historically low mortgage interest rates, according to the National Association of Realtors®. Gains in the West and South were offset by a decline in the Northeast; the Midwest was steady.
Full Article Instead of a double-dip recession in housing, this week's slew of economics reports are likely to point to a long, slow melt.
Full Article Analysis by Altos Research shows that home prices in most major U.S. cities have broken free of the downward spiral. The company’s 10-city composite index was up 0.2 percent in May – the first monthly increase recorded by Altos in nine months.
Full Article WSJ "... analysts surveyed by MacroMarkets on average expect home prices, as measured by the S&P/Case-Shiller national index, to rise about 12% in the five years ending Dec. 31, 2014. As of Dec. 31, that index was down about 28% from its peak level in mid-2006."
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