The average home price nationwide has declined 28.3 percent since the market peaked in June 2006, according to the most-recent Home Price Index by Lender Processing Services. The LPS HPI summarizes national home prices by tracking monthly prices in more than 13,500 ZIP codes. Within each ZIP code, it tracks five price levels from low to high. The total value of U.S. housing inventory covered by the LPS HPI stood at $10.6 trillion at the peak. As of the end of August 2011, it was $7.65 trillion. During the period of most rapid price changes, from July 31, 2007, through December 2009, prices declined $56,000. The average annual decline during that time was 13.8 percent.
Since December 2009, prices have fallen more slowly, interrupted by brief seasonal intervals of rising prices. Since then, the LPS HPI national average home price has fallen $20,000. This corresponds to an average annual decline of 3.6 percent. Price changes were largely consistent across the country during August. Prices increased in only five percent of ZIP codes in the LPS HPI. Higher-priced homes had smaller declines: -0.72 percent for the top 20 percent of homes (prices above $321,000) compared with -1 percent for the bottom 20 percent (below $103,000).
No comments:
Post a Comment