Vermont reverses trend: Home prices down, sales up

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Vermont reverses trend: Home prices down, sales up

Mon, 07/18/2011 - 7:23am -- tim

Vermont was the only New England state to experience a decline in median home price in June. However, its 22.3 percent increase in home sales was second only to Connecticut. All six New England States experienced a 3-month trend uptick in June of 21.7 percent. For the first time in the past three months, Vermont realized a price decline of -4.0 percent, with all other states continuing to see month-over-month price increases.
While year-over-year sales and prices remain sluggish in New England, the consistent monthly numbers suggests that the market has hit bottom. Changes in financing requirements, unemployment and overall uncertainty continue to be the barriers that are slowing recovery.
‘The positive trend in home sales coupled with steady price increases are strong indicators that we are in the midst of a slow recovery,’ said RE/MAX of New England Executive Vice President, Jay Hummer. ‘The housing market has turned the corner and while we may ride some bumps along the bottom, I feel the housing market recovery has begun.’