National Home Prices Down
The November home market report from Clear Capital shows that prices nationally fell another 5.8 % over the previous three months. The company says although the pace of decline has slowed, home prices show no signs of bottoming out yet.
Thirteen of the 50 major metros included in Clear Capitalâ€™s study have already entered into double-dip territory, indicating that their current price levels are the lowest since the housing downturn began.
Among them are Las Vegas, Seattle, Tucson, Philadelphia, Portland, and Nashville. Charlotte, North Carolina, Virginia Beach and Richmond in Virginia, and the four biggest Florida markets of Miami, Tampa, Orlando, and Jacksonville.
Dr. Alex Villacorta, Clear Capitalâ€™s senior statistician, notes that while a number of individual markets have distanced themselves from national price levels in a negative direction, there are a couple of bright spots in the companyâ€™s latest report.
Washington, D.C. maintained its positive price growth in November, with home values there now 15 % above last yearâ€™s lows.
Home prices in Honolulu, Hawaii rose 2.4 % during the September to November period, pushing them 6.9 % above year-ago levels.
Although they experienced quarterly price declines of nearly 2 %, the two California metropolitan statistical areas that include Los Angeles and Riverside are also on the positive end of the scale when looking at the year-over-year price change, up 5.4 % and 6.9 %, respectively.
Itâ€™s encouraging that the immediate and dramatic decline in prices that we observed since mid August appears to be softening. But any optimism should be tempered by the fact that Novemberâ€™s numbers show continued significant downward pressure for home prices.