S&P/Case-Shiller Index shows housing recovery
A widely watched measure of U.S. home prices showed average home prices increased significantly.
The S&P/Case-Shiller Home Price Indices released Tuesday morning shows a 7.3% increase for the 10-City Composite and an 8.1% increase for the 20-City Composite in the 12 months ended in January 2013.
Phoenix appears to be leading the charge, with a 23.2% year-over-year increase.
All 20 cities posted year-over-year gains, according to the index, the best showing in years.
“The two headline composites posted their highest year-over-year increases since summer 2006,” said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “This marks the highest increase since the housing bubble burst.
Nineteen of the 20 cities showed acceleration in their year-over-year returns. Despite posting a positive double-digit annual return, Detroit was the only city to show a deceleration. After 28 months of negative annual returns, New York came into positive territory in January.
The positive data comes as housing starts and existing-home sales are tracking well ahead of last year’s pace. See the HCN Industry Dashboard here.