S&P/Case-Shiller index fuels hope for a comeback
The S&P/Case Shiller Home Price Indeces showed positive annual growth rates in three key metrics for the first time since the summer of 2010.
“Home prices gained in the second quarter,” said David M. Blitzer, chairman of the Indx Committee at S&P Dow Jones Indices. “In this month’s report, all three composites and all 20 cities improved both in June and through the entire second quarter of 2012.”
Specifically, the National Composite increased by 6.9% in the second quarter; and the 10-and 20-cty composites were up 5.8% and 6.0%, respectively.
Charlotte and Dallas, however, saw annual rates of change get worse in June. All the other 18 cities on the index saw improvement, and 13 of those had a positive trend.
The S&P press release analyzed the numbers this way: “We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change. The market may have finally turned around.”