US residential prices had an increase of 5.7% over the three months in the of August though dropped 2.2% and now anticipated to idle and fall during the rest of the year towards 2011.
Increases were felt in the Midwest and Southern regions but cloudy in New Orleans, Cleveland and Columbus. And those markets that have increased are foreseeing a slow growth.
Accordign to Clear Capital’s senior statistician Alex Vilacorta, the figures look poised their decrease and eventually drop into negative territory by the end of the year.
He added that the stance will persistently to be rocky with gaps between good performer and poor performer markets widening.
Though the price increase we encountered over the past 2 years are creating a cushion against prices going into double dip territory, which means it is not implausible we’ll see prices below their 2009 drop this year,’ Villacorta stressed.
As final months are fast approaching it is surprisingly interesting to see how markets react to an environment without buyer incentives.
A split report shows that 50% of the houses for sale in the US are listed for less than what is the original price with a mean price decrease 7.1%.
Internet real estate brokerage reveals that 47% of the houses for sale have one listing price reduction in August an increase of 3.265 from July’s level.
Less than 1% of the properties listed for sale were new listings in August, signifying that fewer sellers are entering the post- homebuyer tax credit market as to ZipRealty, vice president, Leslie Tyler.
It reveals that homebuyers nowadays are taking their time as they don’t feel a sense of urgency to create an offer, unless the price is right, and sellers try to cut their prices to stay in this competitive market.
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