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National Home Prices Down 5.8%, Major Metros See Double Dip: Report

Posted on Monday, December 13, 2010

The November home market report from Clear Capital shows that prices nationally fell another 5.8 percent over the previous three months. The company says although the pace of decline has slowed, home prices show no signs of bottoming out yet.
Compared to a year ago, Clear Capital’s national home price index is down 2.7 percent, but is 5.5 percent above the record lows of early 2009.
Thirteen of the 50 major metros included in Clear Capital’s study have already entered into double-dip territory, indicating that their current price levels are the lowest since the housing downturn began.
Among them are Las Vegas, Seattle, Tucson, Philadelphia, Portland, and Nashville. Charlotte, North Carolina also
made the list, as did Virginia Beach and Richmond in Virginia, and the four biggest Florida markets of Miami, Tampa, Orlando, and Jacksonville.
Dr. Alex Villacorta, Clear Capital’s senior statistician, notes that while a number of individual markets have distanced themselves from national price levels in a negative direction, there are a couple of bright spots in the company’s latest report.
Washington, D.C. maintained its positive price growth in November, with home values there now 15 percent above last year’s lows.
Home prices in Honolulu, Hawaii rose 2.4 percent during the September to November period, pushing them 6.9 percent above year-ago levels.
Although they experienced quarterly price declines of nearly 2 percent, the two California metropolitan statistical areas that include Los Angeles and Riverside are also on the positive end of the scale when looking at the year-over-year price change, up 5.4 percent and 6.9 percent, respectively.
Dr. Alex Villacorta, Clear Capital’s senior statistician, said, “It’s encouraging that the immediate and dramatic decline in prices that we observed since mid August appears to be softening. But any optimism should be tempered by the fact that November’s numbers show continued significant downward pressure for home prices.”

Carrie Bay DSNews

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