US Home Prices Continue Upward TrendJan 31 2013
According to the latest S&P/Case-Shiller Home Price Index, U.S. home prices rose 4.5% for the 10-City Composite and 5.5% for the 20-City Composite in the 12 months ending in November 2012.
In the 12 months ended in November, prices rose in 19 of the 20 cities, falling only in New York. Those 19 cities also experienced a faster price rise in the 12 months to November than in the 12 months to October.
“Winter is usually a weak period for housing which explains why we now see about half the cities with falling month-to-month prices compared to 20 out of 20 seeing rising prices last summer.” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “The better annual price changes also point to seasonal weakness rather than a reversal in the housing market. Housing is clearly recovering. Prices are rising as are both new and existing home sales.”