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NYC home prices rise for 4th straight month
S&P/Case-Shiller report paints region as one of few bright spots in a weakened U.S. market
Click to enlarge (source: S&P/Case-Shiller)
Home prices in the New York City metro area rose marginally in August, up by a tenth of a percentage point year-over-year and two-tenths month-over-month, in the fourth consecutive month of price increases in the region, according to the latest S&P/Case-Shiller Home Price Index report, released today (see the full report below). New York City was one of just five cities nationwide to register a month-over-month improvement in home prices in August, though, as the overall U.S. housing market faltered. During that time period, the annual growth rate decelerated in 17 of 20 metropolitan areas across the country, and 12 of those regions had negative growth rates, S&P said. “A disappointing report,” said David Blitzer, chairman of the index committee at S&P. “The housing market appears to have stabilized at new lows. At this time, it does not seem that any of the markets are hanging on to the temporary momentum caused by the homebuyers’ tax credits.” TRD