Further evidence of spring’s slightly positive impact: Severity of quarterly declines in the lowest performing markets subsided slightly in May, where only six out of 15 of the lowest performing markets saw declines and five of those saw less than 1.0 percent in losses.
Nationwide, 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%, 1.1%, 0.8% and 0.7%, respectively.
Nationally, home prices saw a 1.3% quarterly gain, while yearly gains expanded to 8.2%. The yearly growth rate picked up a full 1.0 point over April’s rate of 7.2% 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.
Stay tuned to RISMedia for continuing coverage of the housing recovery.
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