Real Estate Company Says Home Prices May Be at Bottom - |

Armando Montelongo Team Blog

Real Estate Company Says Home Prices May Be at Bottom

Home prices as tracked by an online real estate listing service dropped 1.1 percent in its latest report but may have reached bottom, the company predicts.

Redfin tracks and posts price data for 20 metro areas across the country, and the report for the three months that ended in December showed widespread small declines. But the accompanying blog post also stuck by a prediction that the market would reach its lowest level this year.

“The bottom will be rocky,” the post noted as a warning. “Whenever home-sellers get a glimpse of the groundhog, real estate junkies over-react, especially since the market always goes a little crazy in spring. And there are still too many foreclosures for prices to go up much any time soon.”

Here is the data from the Redfin report, with the one-month change in prices (calculated from a three-month rolling index), the one-year change, when the metro reached its maximum price, the change from that maximum price, the last time prices were at current levels  and the number of consecutive months when prices have decreased:

What do you think? Is this a sign that prices are stabilizing? Let us know: