The just released (Oct 25 2011) Standard & Poor’s Case-Schiller Home Price Index shows their 10- and 20-city composite data recording mild improvements in home prices. August 2011 data (3.8 percent and 3.5 percent declines) was improved from August 2010 (4.1 percent and 3.7 percent declines). So yes, while prices are still going down, they are improving.
Sixteen of 20 cities in the index posted improved figures from the July data, another hopeful sign. Atlanta and Las Vegas appear to be bucking the trend with lower negative trends. Detroit (2.7%) and Washington, D.C. (0.3%) were the only two cities to show an annual gain.
Locally, for Livingston County, average sales prices are up just over 21% for 2011 vs. 2010 and up more than 19% for 2011 vs. 2009. Inventory continues to be an issue, with a 32% drop for 2011 vs. 2009 and over 20% lower for 2011 compared to 2010. Days On Market (DOM, or the time it takes to get a home sold) are also declining. So buyers that are serious have to move speedily to have the best opportunity at the house they really want to purchase.
If you’re looking for a home in West Oakland, Livingston, or North Washtenaw County, call me for a no-stress discussion of the market.
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