The US housing market showed about a 1.0% sequential price increase in May 2011, according to the Case Shiller Home Price Index. However, this can be attributed to seasonal selling patterns as opposed to a strengthening in the market.
The seasonality argument comes from looking at the US as a whole on a year-over-year basis in May 2011. When looking at the Case Shiller Index in that way, 19 of the 20 cities saw prices drop; the exception being Washington, DC. I attribute this to the concentration of government employees.
Case-Shiller Index points out that the average US home in May 2011 is back to the levels in the summer of 2003.
The Miami area saw a 1.2% sequential price increasein May 2011 and a 5.3% decrease on a year-over-year basis. The Tampa area saw a 0.6% sequential drop and a 9.5% decrease, respectively.
Some other areas of interest are as follows:
May 2011 May/April April/March
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 150.98 2.7% -0.2% -3.2%
Chicago 112.01 1.7% -0.4% -8.1%
Miami 138.60 1.2% -0.2% -5.3%
Minneapolis 108.34 2.6% 0.1% -11.7%
New York 164.96 0.7% 0.9% -3.2%
Tampa 125.10 -0.6% -0.6% -9.5%
Composite-10 153.64 1.1% 0.6% -3.6%
Composite-20 139.87 1.0% 0.6% -4.5%
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free to contact me.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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