July house prices gained 8.1% from July 2009, slowing somewhat from the 8.8% growth measured in June, as the effect of the homebuyer tax credit fades, according to data provider Clear Capital.
July house prices increased 7.9% from the previous three months, an improvement from the 5.2% growth seen in June. Alex Villacorta, senior statistician at Clear Capital said home prices are continuing their growth from the beginning of the year.
"This trend indicates that the initial upward momentum created by the tax credit expiration is being sustained," Villacorta said. "While quarterly gains are showing strong momentum across the country, these recent price advancements are just the latest turn in a volatile housing market that has seen 'W' shaped price trends over the last two years."
Clear Capital did see different performance in separate regions of the US, particularly in the West, which has seen "sustained growth since the trough of the downturn in the first quarter of 2009," Villacorta said.
Prices in the West have been stable compared to rest of the market, increasing 2.7% in July.
On the metropolitan statistical area (MSA) level, Charlotte, North Carolina demonstrated more stability than the nation, much like the West. Prices there declined only 13% since its peak in the middle of 2007, while, national prices have dropped more than 30% since its height in the middle of 2006.
Despite the up-and-down behavior, national prices are still up 13.6% from the first Quarter 2009, Villacorta said.
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