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May Home Price Trends Reveal Las Vegas Takes the Lead in Real Estate Recovery

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Recently, Clear Capital released its Home Data Index™ (HDI) Market Report with data through May 2013. Using a broad array of public and proprietary data sources, the HDI Market Report publishes the most granular home data and analysis earlier than nearly any other index provider in the industry.

Spring buying activity started to take marginal effect on short term price trends as quarterly, national and regional gains saw a slight uptick over April. The West, South, Northeast and Midwest saw quarterly gains of 2.4 percent, 1.1 percent, 0.8 percent and 0.7 percent , respectively.

Nationally, home prices saw a 1.3 percent quarterly gain, while yearly gains expanded to 8.2 percent . The yearly growth rate picked up a full 1.0 point over April’s rate of 7.2 percent growth. As noted in past reports, these noteworthy gains on the yearly metric can’t completely be attributed to current momentum; rather they are, in part, a result of the low price floor seen one year ago.

Price trends remained mixed at the metro level, a reminder that price trends at the national and regional levels can tell a very different story. May’s new metro recovery leader, Las Vegas, also highlights the importance of long term perspective when analyzing quarterly and yearly trends in markets that were hard hit during the housing crisis.

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