(PRWEB) October 31, 2013
Data released in October by research firm SNL Real Estate shows continued upward momentum in the housing market. Home prices and existing-home sales experienced year-over-year gains, while foreclosure filings decreased year over year.
Annual returns for the 10-city and 20-city composites of the S&P/Case-Shiller Home Price indexes showed positive annual returns of 12.8% in August, according to the most recent release of the index, published Oct. 29.
All 20 metropolitan statistical areas again posted annual increases. Las Vegas continues to lead the way, with the largest year-over-year change in the home price index, up 29.2% compared to August 2012. San Francisco, Los Angeles and San Diego all also saw year-over-year increases in home prices of more than 20%, with gains of 25.4%, 21.7% and 21.5%, respectively.
David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in the Oct. 29 release: "The monthly percentage changes for the 20-City composite show the peak rate of gain in home prices was last April. Since then home prices continued to rise, but at a slower pace each month. This month 16 cities reported smaller gains in August compared to July. Recent increases in mortgage rates and fewer mortgage applications are two factors in these shifts."
He continued: "Denver and Dallas again set new highs. All the other cities remain below their peaks. Boston and Charlotte are the two MSAs closest to their peaks with only 8-9% left to go. Las Vegas is still down 47.1% from its peak level."
For more information, please visit http://bit.ly/1duznt1.