Home prices rise in Half of U.S. Cities as Markets Stabilize

There was an interesting article in Bloomberg today that I read as reported by the National Association of Realtors in which it was represented that home prices rose in half of U.S. cities in the the first quarter of 2012.

However as you read further into the article and not just the headline, you see that experts said “The housing market is still depressed but it had a good quarter,” Patrick Newport, an economist at IHS Global Insight in Lexington, Massachusetts, said in a telephone interview today. “We’re on the mend but it’s still something that will take two or three years before we’re back to normal.”  To read the full article, follow this link – http://www.bloomberg.com/news/2012-05-09/home-prices-rise-in-half-of-u-s-cities-as-markets-stabilize.html

There’s an old saying in real estate; no, not the “location, location, location” saying, but one just as old and it goes like this: “REAL ESTATE IS ALL LOCAL”  When it comes down to it, who cares what is happening in Des Moines, Iowa.  We really want to know what’s happening HERE, for Palos Verdes homes.

Here’s the latest information in chart form; it shows Palos Verdes home sale prices (on a dollar per square foot basis) since the peak of our market in the 3rd/4th quarter of 2006 through today.

You are welcome to visit my website for more Palos Verdes real estate trends.