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Home Prices Continued Improvements in September
Existing home prices appreciated 0.3% in September according to the Case-Shiller’s 10- and 20-city indices. Gains from one year ago accelerated as well, with the 20-city index rising 3.0% above its September 2011 pace, better than the 2.0% year-ago gain reported in August. September’s year-ago gain is the strongest since July 2010.
September’s improvement was widespread geographically with 15 out of the 20 metropolitan areas surveyed reporting month over month price declines. Year-over-year gains improved in most areas surveyed as well, with only 2 reporting declines in prices from a year ago. Phoenix has seen the strongest gains in the past year, with prices 20% above September 2011 levels. Chicago and New York are the only areas that are still reporting year over year declines, however both saw improvement from August.
Despite the recent improvements, home prices remain well below their pre-crisis peak. The 20-city index is still 29.2% below its July 2006 peak.
Read the S&P release.
Home Prices Continued Improvements in September
September’s improvement was widespread geographically with 15 out of the 20 metropolitan areas surveyed reporting month over month price declines. Year-over-year gains improved in most areas surveyed as well, with only 2 reporting declines in prices from a year ago. Phoenix has seen the strongest gains in the past year, with prices 20% above September 2011 levels. Chicago and New York are the only areas that are still reporting year over year declines, however both saw improvement from August.
Despite the recent improvements, home prices remain well below their pre-crisis peak. The 20-city index is still 29.2% below its July 2006 peak.
Read the S&P release.