According to Standard & Poor's S&P/Case-Shiller Home Price Indices, the annual growth rates in 15 of the 20 MSAs and the 10- and 20-City Composites improved in May compared to those reported for April 2010.
The 10-City Composite is up 5.4% and the 20-City Composite is up 4.6% from where they were in May 2009. While 19 MSAs and both Composites reported positive monthly changes in May over April, only 12 of the MSAs (Metropolitan Sector Areas) and the two Composites saw better month-over-month growth rates in May than those reported in April.
"While May's report on its own looks somewhat positive, a broader look at home price levels over the past year still do not indicate that the housing market is in any form of sustained recovery," says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. "Since reaching its recent trough in April 2009, the housing market has really only stabilized at this lower level. The two Composites have improved between 5 and 6% since then, but this is no better than the improvement they had registered as of October 2009. The last seven months have basically been flat."
Contact me for a specific analysis of our Hamilton and Mercer County real estate sales figures.
Joe Giancarli
Short Sale Specialist
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.newjerseynewhomes.blogspot.com/
www.activerain.com/blogs/josephgiacarli
(resource: RealEstateChannel.com)
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