The Standard and Poor’s/Case-Shiller Home Price Index has come out with some low home price values for the US. From November of 2009, the 10 city composite is down .4 percent and the 20 city composite is down 1.6 percent. Cities that had home price peaks in 2006 have had their home prices decreased at staggering levels such as Las Vegas with 57.2 percent, Phoenix with 53.9 percent, and Miami with 48.8 percent. The national median home price for all home types in the US is sitting at $168,800, a 1 percent decrease since December of 2009. The market share for distressed homes has increased to a whopping 36 percent from 32 percent in December of 2009.
So what does all this mean for the market? Home sales have increased for the 5th time in the last 6 months and are projected to continue to do so. There has already been a 2 percent increase since November’s home sales and it shows a good transition into 2011 for the selling market.
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