USA property news: Residential prices up 1.7% in Q2
Country: United States
11 September 2009 There was good news for the USA property market today, after Freddie Mac announced that residential prices appreciated by 1.7% in the second quarter of this year. Freddie Mac announced that its Conventional Mortgage Home Price Index (CMHPI) Purchase-Only Series increased by 1.7% in Q2, following a downward revised 1.5% fall in the first quarter. On an annual basis up until the end of the second quarter of this year, USA home sales prices dropped 6.7% in the CMHPI Purchase-Only Series - less than the 8.5% annual decline recorded between the first quarter of 2008 and the first quarter of 2009. Frank Nothaft, Freddie Mac vice president and chief economist, said: “The pickup in home price growth rates is consistent with other housing market indicators that show home sales and single-family construction up in the second quarter. “The lowest mortgage rates in a half-century have pushed housing affordability to the highest level in at least 40 years, helping to encourage buying. The spring is generally the strongest buying season each year, and we normally see home price growth respond similarly – this year was no exception. Moreover, the price gains were broad-based and for the first time in two years average home sales values rose at least a little bit in every region. “Values are still down relative to their peaks, though. For example, as measured by the CMHPI, average values in the New England, East North Central and Pacific divisions are at 2004 levels, on average. In contrast, the average value in the West South Central area is only slightly below its 2008 peak, while the index for the East South Central region is at about its 2006 level. Other areas have home-purchase values at 2005 levels.” The CMHPI Purchase-Only Series had the following regional house-price changes: Pacific Division (AK, CA, HI, OR, WA): jumped up 3.2% (13.4 percent, year-on-year) in the second quarter of 2009. Over the last 12 months, home values decreased 15.7%, and during the last five years, home values have decreased 5.1%. West North Central Division (IA, KS, MN, MO, ND, NE, SD): increased 2.3% (9.7, year-on-year) in the second quarter of 2009. Over the last 12 months, home values decreased 2.4%; over the last five years, home values increased 6.1%. East North Central Division (IL, IN, MI, OH, WI): rose 2.0% (8.4%, year-on-year) in the second quarter of 2009. Over the last 12 months, home values decreased 3.9%, and during the last five years, home values decreased 1.3%.
West South Central Division (AR, LA, OK, TX): grew 1.6% (6.5%, year-on-year) in the second quarter of 2009. Over the last 12 months, home values decreased 0.3%, and during the last five years, home values increased 21.2%. East South Central Division (AL, KY, MS, TN): increased 1.6% (6.5%, year-on-year) in the second quarter of 2009. Over the last 12 months, home values decreased 2.9%, and during the last five years, home values increased 17.0%. South Atlantic Division (DC, DE, FL, GA, MD, NC, SC, VA, WV): rose 1.4% (5.9%, year-on-year) in the second quarter of 2009. Over the last 12 months, home values decreased 7.9%, and during the last five years, home values increased 10.6 percent. Mountain Division (AZ, CO, ID, MT, NM, NV, UT, WY): grew 0.7% (2.9%, year-on-year) in the second quarter of 2009. In the last 12 months, home values decreased 11.0%; during the last five years, home values increased 12.0 percent. Middle Atlantic Division (NJ, NY, PA): increased 0.6% (2.6%, year-on-year) in the second quarter of 2009. Over the last 12 months, home values decreased 3.7%, and during the last five years, home values increased 18.0%. New England Division (CT, MA, ME, NH, RI, VT): increased 0.5% (1.9%, year-on-year) in the second quarter of 2009. Over the last 12 months, home values decreased 3.2%, and during the last five years, home values increased 2.2%.
See Also: Marc Da-Silva, Overseas property investment news, USA
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