May home sales in Las Vegas were the highest since 2006. The Las Vegas median home price was $117,000 – the lowest sign 1995.
There has been a flurry of recent reports that home prices have risen this Spring: Case-Shiller, The National Association of Realtors, and CoreLogic are all reporting strength in home prices. But, are home prices really going up? What’s actually going on here?
Without season-adjustments, CoreLogic reports that the national median home price rose 0.8% from April to May, 2011.
I was reading some of the comments on a post at Calculated Risk about the latest foreclosure and mortgage delinquency stats from LPS, when one comment jumped out. Not that it was saying anything revolutionary…just a simple reminder of how far we still have to go.
Too Big To Fail: The 2008 Financial Crisis Ponzi Scheme
Today the National Association of Realtors reported that their May Pending Home Sales Index rose 13.4% from May 2010. They said this rise points to “higher housing activity in the second half of the year.” But, how accurately do Pending Home Sales translate into actual home sales? Turns out, not that accurately at all.
Pending Home Sales rose 8.2 percent from April to May, and are 13.4 percent higher than May 2010.