U.S. Home Prices Appear to Have Bottomed Out

October 28th, 2009 Categories: Real Estate News

U.S. home prices appear have to scraped a bottom, with a leading national index showing three consecutive months of gains this summer.

The Standard & Poor’s/Case-Shiller index of home prices in 20 metropolitan areas showed a 1% increase in the seasonally adjusted median price of homes from July to August. The index has posted month-to-month gains since June.

“I think we have reached some kind of bottom,” David Blitzer, chairman of S&P’s Index Committee, said. U.S. home prices continued to decline in August, falling 11.3% when compared to the same month a year earlier, though not as steeply as past months, according to the data released this morning.

From the L.A. Times <a href=”alejandro.lazo@latimes.com”>alejandro.lazo@latimes.com</a>

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The Valerie Fitzgerald Group specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of Heart and Sold: How to Survive and Build a Recession-Proof Business.