The Housing Market May Have “Finally” Turned Around: Case Shiller

Home prices rose month-over-month in June in all cities tracked by Standard & Poors/Cash Shiller’s monthly home price index (HPI). The national composite showed a near-7% increase in the second quarter alone. 

“Home prices gained in the second quarter,” said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “In this month’s report all three composites and all 20 cities improved both in June and through the entire second quarter of 2012. All 20 cities and both monthly Composites rose for the second consecutive month. It would have been a third consecutive month had we not seen home prices fall in Detroit back in April.”

NewImage

Advertisement

The national composite rose by 6.9% in the second quarter and is up 1.2% year-over-year, according to the index, with the 10- and 20- city composites mimicing those results, Blitzer said. Two cities, Charlotte and Dallas, did see annual rates of change worsen in June, but the 18 other cities S&P tracks saw improvement and 13 of those showed a positive trend. 

“We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change,” Blitzer said. “The market may have finally turned around.”

View the full S&P report

Written by Elizabeth Ecker

Join the Conversation (1)

see all

This is a professional community. Please use discretion when posting a comment.

  • MAY?  Hardly an enthusiastic affirmation.  

    We have seen this behavior before.  The good news is that average values are slowly moving up BUT with an enormous shadow inventory, defaults still high, and the summer selling season ending, this is not great news, especially for our industry.

    Until the employment, underemployment, and lower wage base begins to turn around, the home value situation will skid along the bottom unless the economic environment turns worse.

string(107) "https://reversemortgagedaily.com/2012/08/28/the-housing-market-may-have-finally-turned-around-case-shiller/"

Share your opinion