Categorized | Residential

United States Home Prices See Monthly Improvement

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Since the start of the housing crash, the United States residential real estate market has dropped more than six trillion dollars. However, it appears that the market may finally be recovering, as it has finally shown a month over month increase. The market is now at the same level that it was prior to the housing boom in 2003.

Analysts, however, caution that the minute increase may be deceiving. The overall market outlook truly varies from state to state, and as such, it is difficult to say if the nationwide residential property market is truly on the road to recovery. Certain cities and states experience significant gains, while many others experienced overall declines in sales and prices.

Aside from Miami, Florida, the area that truly has shown significant growth is that of the Midwest. Cities like Detroit and Chicago have experienced strong gains in sales and prices throughout the summer. The Midwest, specifically Detroit, was absolutely decimated by the real estate crash. However, the overall big picture looks very bright for major cities in the region.

While the Midwest thrives, southwestern cities like Las Vegas continue to struggle. Las Vegas continues to experience price drops, and hit a new low in August of 2011. At one time, investors were looking to take advantage of what were once considered excellent buys in the city. However, more and more investors are now shying away from Las Vegas, at least until prices in the city start to show signs of recovery.

With mortgage rates still at all-time low levels, and new measures in place to improve the HARP program, real estate analysts do remain cautiously optimistic that prices could continue to improve in the residential sector.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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