A couple of major indicators of residential home price trends showed a slowing momentum for home prices markets in December. The S&P Case Shiller 10 and 20 city indices reported that of 20 cities tracked, home prices were lower in December than for November.
The S&P Case-Shiller’s seasonally adjusted month-over month reading showed that residential home prices rose by 0.8 percent as compared to 0.90 percent in November.
The chairman of the committee, said that “Gains are slowing from month-to-month and the strongest part of home price recovery may be over.” David Blitzer also noted that adjusted data was showing a slowing of momentum for residential home prices.
This slowdown is good news for the homes for sale in Summerlin, Las Vegas market so buyers can catch their breath after the huge run up in prices over the last couple of years. The market needs to digest this move and consolidate the price increases throughout the Las Vegas real estate market.
December 2013 home prices posted a year-over-year gain of 13.4%, down from November 2013 year-over-year reading of 13.70 percent. This December figure reflected the highest year-over-year increase in home prices since 2005.
Housing market analysts noted that a slower pace of increasing home prices might allow additional buyers to enter the real estate market market, and may also encourage more buyers to list their properties for sale. This will help the supply constraint in the homes for sale in Sumerlin, Las Vegas area as many sellers were waiting as prices increased monthly.
This would increase inventories of available homes for sale and relieve pent-up demand for homes. Although home prices are cooling off, average home prices remain 20 percent below their pre-recession peak in 2006.
Home Prices May Face Challenges In 2014
New home mortgage rules in 2014 and relatively strict mortgage lending standards may continue to dampen demand in housing markets, but there is some good news as some lenders are beginning t0 ease credit standards.
If you would like additional information on your home in the home for sale in Summerlin, Las Vegas then give The Heuser Team Realtorss a call today and we will get you the answers you are seeking.