Not all home price news is gloomy
Posted June 1, 2011
Let’s talk about home prices for just a minute. The Case-Shiller home price index measures 20 markets across the nation to determine home price direction. On a national basis, the home price index shows that home prices are under great pressure – down 5.1 percent nationally from a year ago and concerns for a double-dip in home prices are now at the forefront of the national housing conversation.
Here in the parts of the Triangle – according to the Triangle Multiple Listing Service, that story could not be more different. While home listings and closed sales have decreased, home prices have actually increased. Yes, I said increased.
Data from across the Triangle shows that both median and average sales prices have risen for April in year over year data – 0.2 and 0.6 percent respectively.
As I mentioned last week for example, both Durham and Orange Counties have seen double-digit price improvements in year over year data for April as well. Solid economic fundamentals mean a faster housing recovery for the Triangle versus the rest of the nation.