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First USA property price rise for three years



Country:  United States

10 July 2009

The average price of a USA property rose by 1.7% in Q1 2009, compared to Q4 2008, the first quarterly gain since 2006, according to Clear Capital’s July Home Data Index.

The greatest price growth was recorded in the Midwest, where average values appreciated by 5.3%, compared to the previous quarter, while property prices in the South grew by 2%, during the same period.

Clear Capital president Kevin Marshall said: “We are encouraged to see the first quarterly national appreciation in three years. Foreclosure moratoriums, first time home buyer incentives, and investment activity have contributed to this springtime appreciation of home price trends.”

The best performing property markets were Cleveland appreciated by 19.6%, Columbus (15.6%) and Cincinnati (12.9%). All three cities are located in Ohio.

The worst price falls were recorded in Las Vegas and Orlando, where average values fell by 12.4% and 9.3% respectively.

Overall, USA property sales increased 27% during the tail end of 2008 and beginning of 2009, on the back of greater residential demand, in light of low property prices and cheap mortgage rates.


See Also:   Marc Da-Silva, Overseas property investment news, USA


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