Average Home Price Flat in Dutchess County and New York for April and May

The May average home price in Dutchess County was flat compared to the month of April average home price. The average home price for homes in Dutchess County are reported as the current average selling price for home for sale in Dutchess County by the Mid-Hudson Multiple Listing Service Inc (MHMLS). These figures do not represent the total real estate sales in Dutchess County. However, they do reflect the sales activity of the MHMLS, which comprises the largest sales volume sampling. In April 2009 for the average home price of a home for sale was $312,484 and in May 2009 the average home price of a home for sale was $312,489. Of Note the average home price of a home for sale in March 2009 in Dutchess County was $290,916. This is a slightly over a seven per cent increase in the average home price for a home from March to April 2009. There was no real change from April to May in average home price in Dutchess County.

Home Prices Rise Across U.S. By NICK TIMIRAOS and KELLY EVANS written in the Wall Street Journal on July 29,2009. Home prices in major U.S. cities registered the first monthly gain in nearly three years, according to a new report that provided fresh evidence that the severe U.S. housing downturn could be easing. Home prices were flat in the New York and Tampa, Fla., areas. The survey doesn't track condominium or cooperative apartment sales, so it doesn't take into account the majority of housing stock in New York City.

Economic insight and analysis from The Wall Street Journal The S&P/Case-Shiller home-price indexes, a closely watched gauge of U.S. home prices, posted their first month-to-month increase in nearly three years in May, but annual weakness continued. Ian Shepherdson of High Frequency Economics notes that the nose-dive in home prices that followed the collapse of Lehman Brothers and the intensifying credit crisis has begun to stabilize. "The plunge in prices reflected the freezing of credit and all-round panic, which generated a step decline in home sales. Activity is now recovering, and with inventory falling, prices are dropping much less quickly and could even rise a bit over the next few months." But Shepherdson says that while the plunge has stopped, sustained increases in home prices aren't likely in the cards. "We would not expect any gains to last, because prices are still high relative to incomes and rents, and also because the uptick in sales will, we think, prompt a new wave of supply," he said. "But this is still very welcome news today."

Dollars & Sense Blog comments on WSJ article. For the first time in almost three years. This may prompt more purchases in months ahead, as buyers seek to secure rock-bottom prices, and with the Federal $8,000 rebate set to expire in November. But delinquencies and foreclosures are still sky-high, as are unsold inventories, and job losses are expected by many to top 10% soon, and remain north of 8% through 2011. And the findings show important regional and price-level divergences. So, while relatively big news, the future is far from rosy, as even stockmarkets seem to have accepted (for the time being).