Industry NewsMarkets & Economy

Expect volatility in real estate recovery

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Despite a recent report that U.S. home prices "double dipped" in the first quarter, prices bottomed out in March and saw seasonal rises in April and May, according to real estate data company Altos Research. "We're pretty confident that that means there is going to be a rebound," said Scott Sambucci, the company's vice president of market analytics, in a recent webcast. "Even though we've busted through that floor in what is called officially a 'double dip,' there's still plenty of movement upside and we're going to probably move ... back into positive ground." In its most recent monthly report, the company found that median list prices for single-family homes rose between March and May in all but two of the markets tracked in the Altos 20-city composite. Only Las Vegas and New York showed decreases, of less than 2 percent each. Two California markets -- San Francisco and San Jose -- have seen the biggest increases: 8.4 and 7.6 percent, respectively...