U.S. national home prices are back to 2003 levels, having increased by 3.6 percent in the second quarter of 2011, after falling 4.1 percent in the first quarter of 2011, according to data released today by S&P Indices for its S&P/Case-Shiller Home Price Indices. Prices still posted an annual decline of 5.9 percent versus the second quarter of 2010.
“This month’s report showed mixed signals for recovery in home prices. No cities made new lows in June 2011, and the majority of cities are seeing improved annual rates,” said David Blitzer, chairman of the Index committee. “As with May’s report, June showed unusually large revisions across the same [Metropolitan Statistical Areas] — Detroit, New York, Tampa and Washington DC. Our sales pairs data indicate that, once again, these markets reported a lot more sales closing in prior months, which caused the revisions.”
Prices in New York were up 0.9 percent, quarter-over-quarter. Prices in Miami were up 0.6 percent.
– Katherine Clarke