Tue November 27, 2012
Home Prices Rose For Sixth Month, Survey Shows
The nation's housing market continues to improve, according to the latest look at home prices across the nation from the analysts who put together the S&P/Case-Shiller Home Price Indices.
"Home prices rose in the third quarter, marking the sixth consecutive month of increasing prices," David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, says in the report, which was released this morning. In September, he adds, "all three headline composites and 17 of the 20 cities gained over their levels of a year ago. Month-over-month, 13 cities and both Composites posted positive monthly gains."
According to Blitzer, "Phoenix continues to lead the recovery with a 20.4 percent annual growth rate. ... At the other end of the spectrum, Chicago and New York were the only two cities to post annual declines of 1.5 percent and 2.3 percent respectively and were also down 0.6 percent and 0.1 percent month-over-month."
According to the report, here's what home prices have done in the past year:
Atlanta, up 0.1 percent
Boston, up 1.9 percent
Charlotte, up 3.5 percent
Chicago, down 1.5 percent
Cleveland, up 1.4 percent
Dallas, up 4.4 percent
Denver, up 6.7 percent
Detroit, up 7.6 percent
Las Vegas, up 3.8 percent
Los Angeles, up 4.0 percent
Miami, up 7.4 percent
Minneapolis, up 8.8 percent
New York, down 2.3 percent
Phoenix, up 20.4 percent
Portland, up 3.7 percent
San Diego, up 4.1 percent
San Francisco, up 7.5 percent
Seattle, up 4.8 percent
Tampa, up 5.9 percent
Washington, D.C., up 3.2 percent
10-city composite, up 2.1 percent
20- city composite, up 3.0 percent
Today's news follows other recent reports about rising home prices and sales.
The other economic indicator so far this morning is also positive: The Census Bureau says orders for so-called durable goods such as planes and appliances rose slightly in October from September. It was the fifth monthly increase in the past six months.
Later the private Conference Board is due to release its latest consumer confidence index.