IAS360 House Price Index drops in May 2008MortgagePress.comIntegrated Asset Services, IAS360 House Price Index, neighborhood housing prices
Integrated Asset Services LLC has released its IAS360 House
Price Index for May 2008. The May report, which includes the most
current and granular data available in the industry, showed a -3.2
percent decrease in house prices on a national level from April to
May, and a -20.1 percent decline from May 2007 to May 2008.
The IAS360 House Price Index is an index tracking monthly change
in the median sales price of detached single-family residences
across the U.S. The index, based on all arms-length transactions,
tracks data at a "neighborhood" level, which is then rolled up to
report on the changes in 360 counties, nine census divisions, four
regions, and the nation overall. The IAS360 House Price Index is
delivered on a monthly basis.
All four U.S. regions posted declines in May, further eroding an
already volatile housing market. The South continues to face the
greatest struggle, with a decline of -7.7 percent for the month and
a -19.6 percent reduction in regional house prices since May 2007.
The West continued its downward trend as well, tracking a -1.1
percent decline in May with an annual decline of -22.4 percent. The
Midwest and the Northeast regions were down -2.2 percent and -1.5
percent respectively for the month of May.
"While things look terribly gloomy on the national and regional
level, there are some pockets of opportunity at the neighborhood
and county level that are worth a look," said Dave McCarthy,
president and CEO of IAS.
Using Denver as an example, Denver MSA house prices rose 0.4
percent for May, and posted a year-over-year decline of -16.5
percent. But drilling in to the county level data uncovers sign of
improvement in places like Adams County, where house prices jumped
1.2 percent for the month of May. Denver County saw a 0.3 percent
increase and Arapahoe County a 0.6 percent increase after posting
year-over-year declines of -18 percent and -14.6 percent
respectively. While several counties within the Denver MSA saw
slight improvements, other counties are still feeling the pressure.
Broomfield County, for example, posted a -4.8 percent decline,
adding to the year-over-year decline of -18.5 percent.
"The housing market is a local phenomenon," said McCarthy. "To
get a clearer picture of the market, it is important to drill down
to the county and the neighborhood level to begin seeing the trends
that are truly moving the housing market."
For more information, visit www.iasreo.com.