(NEW YORK) — Home prices continue to rise in the top 20 cities in the nation, according to the latest S&P Case-Shiller Home Price Indices out Tuesday.
In August, prices were up an average of 12.8 percent over the year before.
“This is the strongest year-over-year gain since February of 2006,” says David Blitzer, chairman of the index committee at S&P Dow Jones. “2006 for those people who’ve forgotten was the year that home prices peaked.”
Right now, average home prices are back where they were at the end of 2004 except in Detroit, which is still below its January 2000 level.
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Madison Park, Keith Allen and Andreas Preuss, CNN