Case Shiller home price index rises for seventh consecutive month

October 30, 2012 12:00PM

The S&P/Case Shiller Home Price Index climbed for the seventh consecutive month. It was up 0.9 percent — a sign of continued improvement in the health of the market for single family homes in the United States. The uptick was slightly larger than economists had predicted, according to the report cited by Reuters.

Prices in the 20 cities measured by the index climbed 2 percent year-over-year, Reuters reported. The numbers were released today. 

The only city of the 20 that did not see a price increase was Seattle, according to the release from S&P/ Case Shiller. In New York City, prices were up 0.7 percent month-over-month, but down 2.3 percent year-over-year.

The rise “makes us optimistic for continued recovery in the housing market,” Reuters quoted David Blitzer, chairman of the index committee at S&P Dow Jones Indices, as saying.

“Even as we end the seasonally strong home buying period, the statistics are positive.” [Reuters, via NYT] –Guelda Voien