Clear Capital released its monthly Home Data Index™ (HDI) Market Report today, with news of U.S. home price gains of 4.1 percent comparing the most recent rolling quarter to the previous one. The report shows recent gains off the record low in home prices experienced this past winter have not been enough to change the broader housing picture, which remains down 7.9 percent since June 2010, and down 1.8 percent from June 2009.
“Building off last month’s minimal quarterly gains, prices continue to correct from winter’s extended declines,” said Dr. Alex Villacorta, director of research and analytics at Clear Capital. “Although this is encouraging, many markets are still near, or at record lows as REO saturation remains a significant proportion of all sales activity.”
Year-over-year home prices however are mired in negative territory off last year's tax credit highs, with three out of the four regions (West, Midwest, and South) posting year-over-year price declines greater than -7.3 percent.
Driven by stronger spring and early summer sales, all quarterly prices are up significantly among the highest performing markets compared to the slower winter buying season. The markets of Milwaukee, Rochester and Pittsburgh posted the strongest quarterly gains on seasonal influences.
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| Houes in Pittsburgh |
While REO saturation as a whole continued to be significant in highest performing markets, the average saturation rate fell to 22.7 percent, a three percent decline from last month. Rochester, Pittsburgh, Boston and New York led the way, posting single digit rates of REO saturation.
Elevated distressed home sale activity continues to take a toll on the lowest performing markets across the country.
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