The latest LPS HPI Release suggests home prices are flattening out if not bottoming. Data is from February.
LPS HPI Chart
- Nationally, February seasonally-adjusted prices rose 0.2%, the first such increase since March 2010
- The average US home price in February was $195K, on par with levels seen back in June of 2003
- LPS projects a further 0.3% increase in the national average home price for March 2012
- The average discount on a short sale property in March was 23%; for a foreclosed property sale, 29%
- Of the 26 MSAs tracked by both LPS and the BLS, only Los Angeles, San Diego and San Francisco saw price declines in February
- Honolulu, Portland, OR., Seattle and Tampa all saw increases of more than 1% over the month
U.S. home prices (black line) have declined since April 2009 at a slower rate than immediately following the market peak. The rate was slowest for April 2009 through April 2010, as indicated in the figure. Prices at the current level match those seen in June 2003. The seasonally adjusted LPS HPI (blue dashed line) shows the trend changes even more clearly.Cautious Optimism or Another Low-Volume Failure?
From the Report ...