Home Prices Rose Last Year...

Posted by Steph Kaye on Thursday, February 26th, 2015 at 7:28pm.

...But the Housing Market Recovery Continues to Lose Strength

 

 The S&P Case/Shiller index of home prices in 20 major U.S. cities released on Tuesday of this week showed prices rose 4.5% in 2014 compared to a 13.4% increase in 2013.

On a month-to-month basis, home prices in most big cities rose only modestly from November to December. But an index of prices nationwide was lower, extending a slowdown that's been going on for months. "The housing recovery is faltering," said David M. Blitzer, director of indexes at S&P Dow Jones. "While prices and sales of existing homes are close to normal, construction and new home sales remain weak.” Blitzer added that new homes are being built at a rate of 1 million homes per year, a level normally only seen during a recession. The weakness in home prices comes despite a number of factors that would normally support robust home sales, such as job growth, low mortgage rates and rising levels of consumer confidence. Stan Humphries, the chief economist at Zillow, said the slowdown in prices is a sign the housing market is returning to "normal" following a period of "runaway appreciation."

The news for homeowners in Atlanta, Miami and other cities across the West Coast was more encouraging. Home prices in those markets rose more than 5% in the past year. Meanwhile, home prices in the Midwest and Northeast did not grow as fast. Boston's 3.8% increase was the largest among any city in the Northeast.

If you are in the market for a new house and would like information on homes for sale, or are first time home buyer not working with a Realtor and would like to schedule a consultation with a qualified Oakland County and Macomb County Realtor, please complete the Lang Premier Properties contact form to have a real estate agent contact you. 

Lang Premier Properties are Birmingham Realtors specializing in Oakland County Real Estate. Stephanie is an agent with Lang Premier Properties. See what past clients have to say about Stephanie Lang.  Lang Premier Properties looks out for your best interests when you purchase a new custom luxury home. We always recommend working with an experienced luxury real estate agent when buying a new luxury estate.



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Posted on Saturday, February 28th, 2015 at 10:46am.

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