Integrated Asset Services LLC released today the latest IAS360 House Price Index (HPA), which fell 0.3% in November. This slight decline, the third in a row for this index, means that U.S. housing prices are essentially unchanged since the beginning of 2009.
The IAS360 HPI wraps housing data from counties across the nation into regions, comparing home prices from month to month, year over year and from the 2006 national home price peak to the present and from the economic crisis start in September 2008 to the present. All this data combined provides a deep look at where home prices have been and where they are now.
While home prices dipped slightly by 0.3% from October to November 2009, this was a significant improvement over 2008's volatile market, when housing values dropped by 3.5% from October to November.
Home values dropped by 3.3% from November 2008 to November 2009 on a national basis.
Looking at regional trends, home prices in the South jumped by 2.3% from October to November 2009. In the West, housing values increased by 0.2%.In the Northeast, home prices dropped 1.8% and in the Midwest they were 1.7% lower in November than in October.
Many real estate market analysts prefer to review prices on a year-over-year basis since this accounts for the typical seasonal fluctuations in the housing market.
Year-over-year, the Midwest region saw a slight increase of 0.1% in home prices from November 2008 to November 2009. Housing values dropped in the Northeast by 2.7% during that time period, and by 3.3% in the South and 3.5% in the West.
The numbers appear to show a stable housing price market, but Dave McCarthy, President and CEO of Integrated Asset Services says, "Despite the extent of the declines to date, the risk of renewed weakening in house prices still looms large. The potential for another wave of distressed properties coming to market, from both private sellers and banks, remains very high."
For a complete look at the IAS360 HPI, go here (www.iasreo.com).
Written by Michele Lerner
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
