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U.S. Home Prices Increase… so what about South Lake Tahoe?

July 27th, 2010 categories: For Buyers, For Sellers, Lake Tahoe Real Estate, Market Performance Updates, National real estate news, South Lake Tahoe Statistics, South Lake Tahoe, CA, Stateline, NV

As usual, things are different here in South Lake Tahoe.

We have seen evidence of home price strengthening recently, both nationally and in South Lake Tahoe, CA, slight though that it is.

The report here is another one of these, and it comes to us via Associated Press and Case Schiller.

First lets look at points in the Associated Press article, then we'll compare to South Lake Tahoe.

Home prices rose in May for the second straight month.

The Standard & Poor's/Case-Shiller 20-city home price index indicates a 1.3 percent increase in home prices from April to May.

Only Las Vegas recorded a price decline. Home prices there have lost 56.4 percent of their value since peaking in August 2006 (we thought this was interesting, as home values have dropped far less than that here).

The report surmises gains in both the number of U.S. home sales (see our article here) and the value increase as reported herein is due to the impact of the government homebuying tax credit.

Further, the report says that May is a strong month for selling homes, though many economists don't expect these price gains to last through the year and many of them also predict home prices will fall through the rest of the year.

Nationally, prices have risen 5.1 percent from their April 2009 bottom. But they remain 29 percent below their July 2006 peak.

Sales of previously occupied homes fell 5.1 percent in June (though there was a 20% increase here in South Lake Tahoe).

So What about South Lake Tahoe, CA ?

The median sold price of South Lake Tahoe homes sold in April, not including the Tahoe Keys, was: $317,500 (43 sales).

The median sold price in May, also not including the Tahoe Keys, was: $295,000 (42 sales).

Rather than a 1.3% value increase as reported nationally, there was a 7% decline in the South Lake Tahoe median sold price from home sales in April to those of May.

In the last 30 days, however the South Lake Tahoe median sold price based on sales over the last 6 months, not including the Tahoe Keys, increased from $306,500 to $308,500 (.7%).

The number of South Lake Tahoe homes sold in April and May was essentially the same (1 less in May).

The percentage of distressed homes sold in April was: 48.8%. In May it was: 38.1%.

The chart below indicates South Lake Tahoe, CA median sold prices since April 2007:

South Lake Tahoe, CA median sold prices since April 2007.