Tuesday, August 7, 2012

Clear Capital: Home prices in West up 6.2 percent

The most recent home price data from Clear Capital, released today, shows the Western US with a year-over-year change in home prices of 6.2 percent. The report reflects data collected through July.

Here's the regional breakdown according to the press release:

Yearly growth for the broader national market expanded to 2.2% in July, 0.5 percentage points higher than June. Boosting growth at the national level, the West saw home prices roll up an impressive 6.2% over the previous year. The South and the Northeast also contributed to national price growth, with 1.8% and 1.6% yearly gains, respectively. While the Midwest has yet to post long term growth, the slight decline of 0.1% improved over last month’s yearly losses of 0.6%.

 The report contained some interesting notes about the West region in particular which is the first region to see more broad-based increases in home prices beyond the lower-tier homes. That is, the West is the first region to begin to see increasing and broad demand for more expensive homes.