As usual, things are different here in South Lake Tahoe.
(Lake Tahoe Real Estate Blog / July 27, 2010 / Richard Bolen)
We have seen evidence of home price strengthening recently, both nationally and in South Lake Tahoe, CA, slight though that it is.
The report here is another one of these, and it comes to us via Associated Press and Case Schiller.
First lets look at points in the Associated Press article, then we’ll compare to South Lake Tahoe.
- Home prices rose in May for the second straight month.
- The Standard & Poor’s/Case-Shiller 20-city home price index indicates a 1.3 percent increase in home prices from April to May.
- Only Las Vegas recorded a price decline. Home prices there have lost 56.4 percent of their value since peaking in August 2006 (we thought this was interesting, as home values have dropped far less than that here).
The report surmises gains in both the number of U.S. home sales (see our article here) and the value increase as reported herein is due to the impact of the government homebuying tax credit.
Further, the report says that May is a strong month for selling homes, though many economists don’t expect these price gains to last through the year and many of them also predict home prices will fall through the rest of the year.
Nationally, prices have risen 5.1 percent from their April 2009 bottom. But they remain 29 percent below their July 2006 peak.
Sales of previously occupied homes fell 5.1 percent in June (though there was a 20% increase here in South Lake Tahoe).
So What about South Lake Tahoe, CA ?
The median sold price of South Lake Tahoe homes sold in April….
Continue reading “U.S. Home Prices Increase… so what about South Lake Tahoe?” on our main blog.
A few previous posts you may find of interest:
July 22, 2010: The First Half of 2010
June 29, 2010: Characteristics of the Second Home Buyer
June 16, 2010: A Closer Look at South Lake Tahoe, CA home sales
Tags: home sales. listings, Lake Tahoe Real Estate Blog, South Lake Tahoe Real Estate
