Third quarter data from the S&P/Case-Shiller Home Price Indices released yesterday reflected the six straight month of home price increases. The average national home price increased 3.6% compared to last year and 2.2 % from the prior quarter. The indices follow both national averages as well as 10- and 20-City Composites. Both City Composites reflected six months of month-over-month increases.
Phoenix, with a 20.4% annual growth rate, led the way. Only Chicago and New York City had annual declines and small (0.6% and 0.1%, respectively) month-over-month losses.
David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices, commented, “Thirteen of the 20 cities recorded positive monthly returns; Boston, Charlotte, Chicago, Cleveland and New York saw modest drops in home prices in September as compared to August; Tampa and Washington, D.C. were flat. 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.”