Signs of Recovery in the South?

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A new home price index released August 12 may be the first indication that the housing market will rise again, at least in some parts of the country. The median price for detached single family homes rose 1.7 percent in the South from May to June 2008, a far cry from the drop in the median price in that region from June 2007 to June 2008 of 9.1 percent.

 

Of course, all real estate is local, even to the point of one street in a neighborhood holding its value better than another. The Census Bureau’s South region, which this survey looked at, includes 16 states and the District of Columbia. Markets vary wildly between these states, which include Oklahoma, Texas, Arkansas, Louisiana, Tennessee, Kentucky, Mississippi, Alabama, Georgia, North Carolina, South Carolina, West Virginia, Maryland, Delaware, Virginia and Florida.

 

The IAS360 House Price Index, a new, comprehensive monthly housing data tracker, looks at the median sales prices of detached homes on a national basis along with reporting on 360 counties, nine census divisions and four regions.

 

So, when studying the data, it may be best to focus on the numbers for your particular county rather than on a region as diverse as this one.

 

Integrated Asset Services, LLC (www.iasreo.com), a Denver-based company which specializes in residential real estate valuations and default management, prepares the monthly report.

 

 

For more info: contact Michele Lerner at mlerner@gmail.com