Home Prices Stablizing in the West?

Add a Comment

A new housing data tracking system, released August 12, suggests that the Western region of the U.S. may be the slowest to recover from the housing market debacle, but the tide may be turning this summer.

 

The median sales price of detached single family homes in this region, which includes Alaska, Hawaii, Washington, Oregon, California, Utah, Arizona, New Mexico, Colorado Nevada, Idaho, Montana and Wyoming, dropped by a miniscule .5 percent from May 2008 to June 2008.

That tiny drop in the median home price looks pretty fantastic, though, when compared with the dramatic 16.9 percent drop in the median price for detached homes in that region from June 2007 to June 2008.

 

The Western region’s problem probably lies mostly with the numbers included from California, Las Vegas and Phoenix, three areas which have experienced rapid price drops and rising foreclosures in recent years. These three areas were among the nation’s fastest growing during the housing boom, so they were also the hardest to fall as the economy slowed. Real estate experts say Phoenix may be beginning to stabilize now, since the area continues to attract new businesses and retirees.

 

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.

 

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: Email Michele Lerner at mlerner@gmail.com