“Market may have finally turned around,” home price data indicates

TRD MIAMI /
Aug.August 28, 2012 03:45 PM

Home prices are improving throughout the U.S., according to the S&P/Case-Shiller Home Price Index released today. Nationally, prices rose 0.5 percent in June from the prior-year month and 2.3 percent since May. It was the second consecutive month all 20 cities tracked by the index reported monthly gains. Further, 18 of the 20 markets showed better annual returns in June than they did in May.

Only Charlotte and Dallas saw their annual rates decline in June, both by just 0.1 percent.

“We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change.  The market may have finally turned around,” David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.

On a quarterly basis, home prices in the second quarter were 6.9 percent higher than they were in the first quarter of 2012, and 1.2 percent greater than they were in the same quarter a year ago.

Six cities — New York, Atlanta, Chicago, Las Vegas, Los Angeles and San Diego – showed negative annual returns, but the price drops in those cities were narrowing. Atlanta experienced the worst year-over-year change, losing 12.1 percent.

In Miami, prices increased 1.6 percent in June over May and by 4.4 percent from June 2011. – Christopher Cameron


Related Articles

arrow_forward_ios
Patti and Allan Herbert with 4845 Southwest 78th Street (Credit: University of Miami and Redfin)

After selling their Richmond Hotel in Miami Beach, this couple bought a new house

After selling their Richmond Hotel in Miami Beach, this couple bought a new house
Zillow CEO Rich Barton (Credit: iStock)

Zillow Offers launches in South Florida

Zillow Offers launches in South Florida
(Credit: iStock)

Rough quarter: Resi sales fall in Broward, increase slightly in Miami-Dade

Rough quarter: Resi sales fall in Broward, increase slightly in Miami-Dade
Miami skyline (Credit: iStock)

Bringing some sunshine to South Florida’s opaque resi report outlook

Bringing some sunshine to South Florida’s opaque resi report outlook
June residential sales plummet (Credit: iStock)

Resi sales plummet across South Florida’s three counties in June

Resi sales plummet across South Florida’s three counties in June
South Florida skyline (Credit: iStock)

South Florida resi markets reported choppy sales in Q2: Elliman

South Florida resi markets reported choppy sales in Q2: Elliman
The Miami skyline (Credit: iStock)

South Florida home sales rise in May as price growth slows

South Florida home sales rise in May as price growth slows
Coco Amar

May home sales rise almost 10% in Naples amid eastward market shift

May home sales rise almost 10% in Naples amid eastward market shift
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...