Regional Home Price Trends – July 31, 2011

Despite all the recent news we have been hearing about a nationwide real estate slowdown, the February 2011 census reports that 67% of all Americans own their homes – a number only 2% lower than that of the height of home ownership in 2005.

Additionally, many industry insiders are expecting to see a jump in prices in many locations in September and October. California Association of Realtors® President Beth Peerce says, “Pending home sales have improved over the last couple of months and the next few months should bring continued gains. The Home Sales Index was up 4.4% from June 2010.” The President of the National Realtors® Association, Ron Phipps, predicts an increase in home sales too. “With record high housing affordability conditions thus far in 2011, we expect to see stronger home sales.”

National June trends to note:

  • First-time buyers purchased 31% of homes
  • Total housing inventory rose only 3.3%
  • All-cash transactions accounted for 29% of sales
  • Repeat buyers represented 50% of sales
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