Home Prices Post First Quarterly Gain Since 2006
For the first time since 2006, the nation posted positive quarter-over-quarter price returns in Q209, according to the July Home Data Index Report released Thursday by Clear Capital. Fueled by strong seasonal spring sales in the Midwest, which had a price increase of 5.3% over Q109, the overall US price growth increased by 1.7% in a quarter-over-quarter comparison. The South also added to the surge, climbing 2% from the previous quarter. "We are encouraged to see the first quarterly national appreciation in three years," says Clear Capital president Kevin Marshall in the report. "Foreclosure moratoriums, first time home buyer incentives, and investment activity have contributed to this springtime appreciation of home price trends. Lively seasonal sales also helped Ohio’s three largest cities to top rolling quarter-over-quarter price gains. Cleveland gained 19.6%. Columbus and Cincinnati prices climbed 15.6% and 12.9%, respectively. Las Vegas and Orlando posted the greatest losses at -12.4% and -9.3%. Farther South from Orlando, the Miami MSA market finds itself in the pack of lowest performing major markets in June. The area had a price decline of 38% for the year, but the speed of its fall is beginning to slow, according to Clear Capital's report. The data and solutions provider for real estate asset valuation, investment and risk assessment released the report to offer a real-time look at pricing conditions. The July report considers data compiled through June 25. Write to Jon Prior.