Single-Family Home Prices Rise in May

From Realtor Magazine Online, Daily Real Estate News July 15, 2009

Nationwide, detached, single-family home prices gained 1.6 percent in May, according to Integrated Asset Services, a specialist in default management and residential collateral valuations.

The increase is the largest since July 2005, IAS reported. The index had previously declined more than 19 percent from its peak in June 2007.

Compared to April, the Northeast was up 3.2 percent, the Midwest 1.9 percent, the South 1.1 percent, and the West 0.9 percent.

In all areas but the South, prices also rose in April.

“Two month's worth of positive data hardly signals a turn in the national housing market," says Dave McCarthy, President and CEO of Integrated Asset Services. “But we have to be encouraged by what we’re seeing in several important counties and neighborhoods.”

Hardest-Hit Counties

IAS also tracks monthly changes in median sale prices in 15,000 struggling communities. It identifies the following counties where prices have fallen furthest since the 2006 peak:

1. Fresno, Calif. -28.1 percent
2. Imperial Calif. -45.2 percent
3. Kern, Calif. -33.8 percent
4. Monterey, Calif. -37.9 percent
5. San Bernardino, Calif. -29.1 percent
6. San Joaquin, Calif. -42.8 percent
7. Charlotte, Fla. -37.6 percent
8. Hernando, Fla. -38.7 percent
9. Lee, Fla. -45.2 percent
10. Pasco, Fla. -50 percent

Source: Integrated Asset Services (07/09/2009)