Escalation of home prices registered

Though a hike in home prices has been registered, the proximate and foreseeable future still continues to be obscure. The market fundamentals play a major role in this twist and turn. According to the latest records, the median price for single-family homes went up to $176,900, which was up by 1.5% in the 2nd quarter of the year 2010. This record was released by the National Association of Realtors and according to the economists, this registered year-over-year gain was much in line with what was expected by the economists and the experts in the housing market.

The experts also reported that this upward move is not expected to continue in the near future. The data available for this upswing show some odd figures. The upward trend has been abnormal and some states registered high growth in home prices, while the others registered a decline. Some of the most interesting data are given below.

• Akron, Ohio, faced rampant foreclosures, but the city registered highest gain with a jump of 36%. The prices went up to $119,700.


• The next position was captured by San Jose, California with a hike of 26% and prices reaching $630,000.


• The third position was taken by San Francisco with a jump of 25% leading to a price tag of $591,200.


• The fourth was captured by Riverside, California, which was badly hit by foreclosures. The registered hike was 17.8% leading to a price of $190,200.

Downward trends were visible in some states. Some of the readings for the states where prices went down are given below:

• Cumberland, Md. was the one to occupy the first position in terms of tumbling prices. Prices fell by 15.4% and reached $104,500.


• Tucson, Arizona, took the second slot with a decrease of 13.7% and prices falling to a level of $150,200.


• The worst was stored for Ocala, Fla. where the prices dwindled down to 13% to reach as low as $95,900.

The market for condos did pretty well and the prices did show some stabilization during the 2nd quarter. The prices for condos went up by 3% in the 2nd quarter compared to 1st quarter but they stayed low by 0.5% compared to last year same period.

The problem still remains. Some states seem to recover and some seem to get worse over time. This mixed shape of the market is causing a problem for the economists who continue to believe that the economy is still posing a threat of unstable market conditions and this is solely because of the fact that foreclosures are also increasing. So, the prospective homebuyers will be benefited, because of these declining prices as they can grab preoccupied properties at much discounted prices.

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