Home prices aren't dropping, which is good for current homeowners. But the hurdles of homeownership are still there for everyone else.
Andrea Riquier reports: "The S&P CoreLogic Case-Shiller 20-city index rose a seasonally adjusted 0.1% in March, compared to February, and was 2.7% higher compared to a year ago. That was the slowest pace of annual growth since August 2012."
That's a story of deceleration, and it's welcome news to potential homebuyers hoping to enter the market. It's also not terrible news for existing homeowners, who are still appreciating equity.
According to Riquier, the report also reflects the Census population estimates released earlier this month in reflecting the American preference for sunny climates. "The cities with the highest price gains in March were Las Vegas, Phoenix and Tampa."
Still, signs of the recession are still apparent in those areas. "Even with the gain, bargains may be found in these metro areas," writes Riquier. "Prices in Las Vegas and Phoenix are nearly 20% lower than their 2006 peaks, according to Case-Shiller; Tampa’s price index is about 9% lower."
The new real estate market data also got picked up by Eliot Njus for local coverage in Portland. Njus also explains the distinctions in the data between homes in different price ranges.
Read the full story: Home-price gains are weakest in 7 years, and that’s a good thing, Case-Shiller says
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