Home Prices Are Not Recovering

Dennis Norman

Home sales activity was up in May, but the mix of sales shifted toward less-expensive properties in many cities throughout the U.S. according to the May 2010 Radarlogic Housing Market Report. In addition, the report states that while their home price composite index for the 25 metro areas covered did increase in May by 2.1 percent on a year-over-year basis, the “gains were not large enough to be described as a recovery” and “there was more evidence of weakness in the market than strength.”

Highlights from the report include:

  • Home prices have remained stagnant since the beginning of 2009- while there were seasonal periods of strength sine then, overall the trend has been relatively flat.
  • Property sales in the 25 metros covered by the index increased in May by 41 percent from the year before.
  • Motivated sales decreased as a percent of total sales on a year-over-year basis but still accounted for 24 percent of home sales (RPX does not include short-sales in this number).
  • Since January 2009 sales has increased in the 25 metros covered by 45 percent.
  • Only nine of the 25 metros tracked by Radar Logic showed annual price improvement. Only 20 showed month-over-month improvement.

The 25 metro areas that make up the Radar Logic composite index are: Atlanta, Boston, Chicago, Charlotte, Cleveland, Columbus, Detroit, Denver, Jacksonville, Los Angeles, Las Vegas, Miami, Minneapolis, Milwaukee, New York, Philadelphia, Phoenix, Sacramento, Seattle, San Francisco, San Diego, San Jose, St. Louis, Tampa and Washington, D.C.

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