Nevada City Virtual Tour

Saturday, June 11, 2011

Double-Dip in Home Prices?

This month’s Market Snapshot, “Possibilities of a Double-Dip in Home Prices,” features:
  • California Market: The California median home price fell by nearly 60 percent from peak to trough, hitting bottom more than two years ago in February 2009 at $245,230. Although the median declined in February of this year to $271,320, it stood at $293,570 in April, nearly 20 percent higher than the February 2009 trough. The February 2011 median was likely the low for this year, given the seasonal behavior of home prices and the likelihood that market fundamentals will improve somewhat as the general economy continues its slow recovery.
  • National Market: By comparison, the U.S. median home price fell 32 percent from peak to trough – about half of the decline experienced by the California market.  However, prices nationally only hit bottom this past February at $156,900. The national median rose to $163,200 in April, and should climb as the market moves through the peak season, but it remains precariously close to this February’s trough.
According to C.A.R.

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