According to the Case Shiller housing index the price of homes may finally have bottomed out. According to the numbers and evident in the graph housing prices this spring showed upward movement. The “data all support a continuation of the ‘bounce-along-the-bottom’ scenario we have witnessed in the housing market over the past two years,” according to today’s report. What is interesting is you can actually see houw the First Time Home Buyer Tax Credit increased the home values in the spring of 2010.
Locally in Cincinnati housing prices held steady and actually increased slightly since the beginning of the year. Part of the slight increase in price is the decrease in home inventory. When there are fewer houses for sale buyers have less selection and in this case prices begin to slowly rise. As prices return look for inventory to increase as sellers feel more comfortable that they can get fair market value when they go to sell their home.