House prices rose in all three composites in the second quarter with gains not seen since 2010.
Gilbert, Arizona (PRWEB) August 29, 2012
Data released this week from S&P/Case-Shiller Home Price Indices shows home prices continued their rise nationwide in the second quarter. The Indices track housing prices in three sectors: nationally, in a 10-City Composite area and in a 20-City Composite area. House prices rose in all three composites in the second quarter with gains not seen since 2010.
The national data showed a gain of 6.9% over last quarter and 1.2 % since last year. This increase brings home prices “nationally back to 2003 levels” per Standard & Poors. The City Composite annual returns were .5% or less. City Composite declines from 2006 peaks are still at 31% (through June 2012).
All cities reported positive monthly gains for the second month in a row. If it had not been for Detroit’s decline in April, this would have been the third straight month of rising prices. Only Charlotte and Dallas showed slight declines in their annual rates. Boston had no change in its annual rate. Six cities remained in the negative with respect to annual rates: Atlanta, Chicago, Las Vegas, Los Angeles, New York and San Diego. Phoenix had the highest annual rate of change (13.9% up from 2011). The second highest annual rate of change (5.7%) belongs to Minneapolis. Despite improvement this past quarter, Atlanta has the largest annual negative rate of change (down 12.1% from 2011).
According to David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices, “The market may have finally turned around.”
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