U.S. Home Prices Rise For First Time In A Year

January saw US house prices rise by 1.7% compared with December, 2008. Over the past year US house prices have been down 6.3% and down 9.6% from the peak in April 2006 and in December the year-over-year decline was 8.8%.

There have been some stronger sales in some markets in the beginning of this year which is contributing to the increase.

Of course a turnaround in the US house price cannot yet be determined as there must be several consecutive months of increase to call it a turnaround.

Led by the pacific side of the US with a 21.1% decrease house prices were down in all 9 regions of the country last year. The smallest decline was the 0.4% drop in the West South Central (Texas, Oklahoma, Arkansas and Louisiana)

I can’t help but wonder if some of this increase has to do with Saskatchewan real estate savvy buyers who have been buying properties in the US. Many Canadians have been going to the US in the past year to purchase real estate with the equity they have gained in their Saskatoon houses.

The pacific states still registered a decline while the other 8/9 regions showed either a constant or an increase in prices with a rise of 3.9% in the East North Central Region (Great Lakes region) and 3.6% in the South Atlantic region (Delaware to Florida).

Kari Calder
Saskatoon Real Estate Agent
Century 21 Conexus Realty Ltd.

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