U.S. home prices rose 4.3 percent year-over-year, 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 — with the market seeing a 1.2 percent year-over-year decrease, and a 0.4 percent month-over-month decrease.
The index declined a modest 0.1 percent in October, from the previous month. “Higher year-over-year price gains plus strong performances in the southwest and California, regions that suffered during the housing bust, confirm that housing is now contributing to the economy,” said David Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices, the publisher of the index, which tracks the value of single-family housing within the largest 20 urban markets in the United States.
Like New York, Chicago also saw year-over-year and month-over-month declines. Phoenix saw the highest annual gain in prices — a 21.7 percent jump from October 2011. – Hiten Samtani