What’s interesting about most data reports is that they are 1 - 2 months behind. For example, the S&P Case-Shiller Home Price Index that was released today discusses sales data for February. There is no mention of what the market has been going through in March and April.
I can personally tell you that in April we are seeing multiple offers on well priced properties. In many cases homes are selling well above asking price. I would imagine that when the April Home Price Index report comes out in 2 months, it will show that the 1.3% price drop experienced in February will be a thing of the past and the numbers will turn positive. I could be wrong, but I doubt it based on what I am seeing.
Here is some data from today’s S&P Case-Shiller Home Price Index report:
Miami’s 10.8% year-over-year gain made it the best-performing city for the seventh consecutive month. Tampa (+7.7%) and Atlanta (+6.6%) continued in second and third place, with Charlotte (+6.0%) close behind.
Results were different in the Pacific and Mountain time zones. Last month, four West Coast cities (San Francisco, Seattle, San Diego, and Portland) were in negative year-over-year territory. In February they were joined by four of their western neighbors, as Las Vegas (-2.6%), Phoenix (-2.1%), Los Angeles (-1.3%), and Denver (-1.2%) all tipped into negative territory.