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US home prices rise in index of 20 cities
Source: Agencies |
October 31, 2012, Wednesday
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US home prices gained further traction in August, the latest sign the housing market is on the mend, a closely watched survey showed yesterday.
The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.5 percent on a seasonally adjusted basis, in line with economists' forecasts.
It was the seventh straight month of increases, extending the longest continuous string of gains since prices were boosted by the homebuyer tax credit in 2009 and 2010.
The stabilization in home prices this year, along with a rise in sales and tighter inventories, has pointed to a housing market that is turning the corner, six years after its far-reaching collapse.
"The improvements we've seen are very sustainable and very solid," said Russell Price, senior economist at Ameriprise Financial in Detroit. "They're on very firm footing in the housing market."
On a non-seasonally adjusted basis, prices fared better, gaining 0.9 percent.
Prices in the 20 cities climbed 2 percent year-over-year, topping expectations for a 1.9 percent increase.
The US stock market was closed for a second day in a row in the wake of a powerful storm that hit the east coast. Overall, the impact of the storm to the economy is expected to be short-term.
The sustained good news in home prices "makes us optimistic for continued recovery in the housing market," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.
"Even as we end the seasonally strong home buying period, the statistics are positive," said Blitzer.
Compared to a year ago, prices in Phoenix surged 18.8 percent, the fourth month in a row the hard-hit city has seen double-digit yearly gains, the report said. Phoenix has been one of the standouts this year as prices have snapped back.
Prices in Las Vegas - also one of the more distressed areas - were up 0.9 percent compared to a year ago.
The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.5 percent on a seasonally adjusted basis, in line with economists' forecasts.
It was the seventh straight month of increases, extending the longest continuous string of gains since prices were boosted by the homebuyer tax credit in 2009 and 2010.
The stabilization in home prices this year, along with a rise in sales and tighter inventories, has pointed to a housing market that is turning the corner, six years after its far-reaching collapse.
"The improvements we've seen are very sustainable and very solid," said Russell Price, senior economist at Ameriprise Financial in Detroit. "They're on very firm footing in the housing market."
On a non-seasonally adjusted basis, prices fared better, gaining 0.9 percent.
Prices in the 20 cities climbed 2 percent year-over-year, topping expectations for a 1.9 percent increase.
The US stock market was closed for a second day in a row in the wake of a powerful storm that hit the east coast. Overall, the impact of the storm to the economy is expected to be short-term.
The sustained good news in home prices "makes us optimistic for continued recovery in the housing market," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.
"Even as we end the seasonally strong home buying period, the statistics are positive," said Blitzer.
Compared to a year ago, prices in Phoenix surged 18.8 percent, the fourth month in a row the hard-hit city has seen double-digit yearly gains, the report said. Phoenix has been one of the standouts this year as prices have snapped back.
Prices in Las Vegas - also one of the more distressed areas - were up 0.9 percent compared to a year ago.
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