The Case Shiller Mid-2014 Report is out and shows what many of us having been seeing locally — that home prices have slowed.
Per the Housing Wire article on the report,
“Home price gains continue to ease as they have since last fall,” says David Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices.
“As of June 2014, average home prices across the United States are back to their autumn 2004 levels. Measured from their June/July 2006 peaks, the peak-to-current decline for both Composites is approximately 17%. The recovery from the March 2012 lows is 27.8% and 28.5% for the 10-City and 20-City Composites.”
Last spring and summer, we had a local surge in prices and demand in some areas. I saw this on a few houses in Timonium that I had listed and sold — with multiple contracts — over asking price during that time.
We saw a 25% drop in Timonium home sales in July from the same point last year, as shown in Timonium Home Sales July 2014.
The Federal Housing Finance Agency shows an even slower rise, according to another Housing Wire article — with home prices rising .8% in the second quarter of 2014. One thing to note, though, is that the FHFA only shows data on conforming mortgages sold or guaranteed by Fannie Mae and Freddie Mac, and is seasonally adjusted.
I am hopeful for a stronger fall season. I have already seen more activity in this first week of September!