June Case-Shiller Report: Mixed Bag is Better than an Empty Bag
Yes, the second quarter 2011 Home Price Indices was down 5.9% over second quarter 2010, but second quarter 2011 was up 3.6% over first quarter 2011, and here’s some other good news to offset the fact that the real estate market is still struggling for true traction:
- In 19 of 20 metropolitan areas home prices were up in June 2011 vs May 2011 and Portland was flat – so no declines and an overall increase of 1.1%.
- 12 of the 20 metropolitan areas have increased for three consecutive months, a sign that there’s still strength in the seasonal housing market.
- No cities had new lows in June 2011.
- Only Detroit and Las Vegas have average home prices below January 2000 levels. Cleveland has shown enough improvement to rise above January 2000 levels with the June data in.