U.S. home prices rose for the sixth consecutive month in September, according to the S&P/Case Shiller Home Price Index released today, but New York City was one of only two markets where home prices declined year-over-year.
The national composite of home prices gained 3.6 percent year-over-year from the third quarter of 2011, returning to levels seen in mid-2003. “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 Blitzer, chairman of the index committee at S&P Dow Jones Indices, the publisher of the index.
Average homes prices for the 20-city composite, which looks at 20 urban markets in the U.S., increased 3 percent over the third quarter of last year, and inched up 0.3 percent month-over-month between September and August.
However, New York City saw a 2.3 percent price decline year-over-year. Chicago was the other city to see a year-over-year decline in September, decreasing 1.5 percent. Year-over-year, Phoenix saw the highest annual gain in prices — a 20.4 percent jump from September 2011. — Zachary Kussin