Here is the latest from the Case-Shiller Index, which is published by Standard & Poors on the last Tuesday of every month, always with a two month lag.
The graph once again shows an increase in the Index, this time to the March, 2002 level.
This is certainly good news, but somewhat expected, due to the seasonal nature of the housing market, where prices generally rise in the spring and summer months when demand is strongest.
Standard & Poors’ prognosis for the housing marketing is that we are by no means out of the woods and there could be some further erosion in value before we hit bottom. The level of price depreciation will likely depend upon if the economy continues to weaken.
On the North Shore, the relatively strong transaction numbers we have been seeing this year has restored some inventory balance which will hopefully provide a cushion for further declines in homes values.
Feel free to contact me at 847-652-1902 or Stephanie.Hofman@cbexchange.com should you have any questions or want more information.
This post is categorized under Real Estate 101, which features posts designed to give real estate buyers, sellers and spectators information and advice about today’s housing market.