Home prices stabilize in March on better urgency. Home price trends saw a nice improvement in March, as agents indicated that prices were stable over the past month. Our home price index came in at 46 (from 17 in February), in-line with a neutral reading of 50, pointing to stable pricing (readings of 50). This marks the region’s first reading of stable pricing since 2006. Meanwhile, inventories were flat in March, as our home listings index came in at 55 (from 78 in February), pointing to sequentially higher inventories. Our time to sell index pointed to an unchanged time to sell in March, coming in at 50 (from 28 in February), in-line with a neutral reading (points to unchanged time to sell). We view the flat inventories and time to sell as positive indicators for future pricing, but remain concerned over the level of shadow foreclosure inventory not currently held for sale.
John Holbrook - Realtor Prudential