Home Prices Up Six Months in a Row
(NEW YORK) -- U.S. home prices rose again for the sixth straight month, signaling that the housing recovery is taking hold, according to S&P/Case-Shiller Home Price Indices.
“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,” said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, in a statement.
The national composite also increased 3.6 percent in the third quarter of this year from the same time period in 2011.
In September, the 10- and 20-city composites had increasing annual returns of 2.1 percent and 3 percent, respectively. However, Detroit and Washington, D.C., had slight declines in their annual returns and New York had no change.
Thirteen of the 20 cities recorded positive monthly returns. Boston, Charlotte, N.C., Chicago, Cleveland and New York had a slight drop in home prices in September from August. Meanwhile, Tampa, Fla., and Washington D.C., remained unchanged.
Blitzer noted that the market is entering the “seasonally weak part of the year,” as sellers and buyers tend to slow activity in the colder weather. The Case-Shiller headline numbers are not seasonally adjusted.
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