S&P/Case-Shiller: Home Prices Up, Market in the Midst of Recovery
The housing market has continued on the path to recovery as U.S. home prices are up 3.6% in the third quarter of 2012 compared to the same period 2011, according to the latest report from Standard & Poor’s/Case-Shiller Home Price Indices.
Rising 2.2% versus the second quarter of 2012, the third quarter increase marks the sixth consecutive months home prices have risen.
The 10- and 20-City Composites also posted annual increases of 2.1% and 3%. Case-Shiller reports average home prices in these composite cities rose 0.3% from August to September 2012.
Of the 20 metropolitan statistical areas (MSA) recorded, 17 posted better annual returns in September versus August.
Phoenix continues to lead the recovery, posting a 20.4% annual growth rate, while Atlanta finally reversed 26 months of annual declines with a 0.1% annual increase in September.
Citing month-over-month positive returns for 13 of the 20 Composites, Case-Shiller’s confidence in the market’s recovery has strengthened during what it refers to as a “seasonally weak” part of the year.
“With six months of consistently rising home prices, it is safe to say that we are now in the midst of a recovery in the housing market,” says David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices.
Written by Jason Oliva