S&P Dow Jones Indices LLC, a subsidiary of The
McGraw-Hill Companies and the world’s largest global resource for index-based
concepts, data and research, has this Wednesday released its
S.&P./Case-Shiller index, an indicator of the value of residential real
estate in 20 metropolitan regions across the United States, which showed that
prices increased 4.3 percent from October 2011, the largest year-over-year
increase in two and a half years.
As disclosed in the report, prices rose year-over-year in 18
of the 20 metropolitan areas tracked by the index. Only Chicago and New York
saw decreases. Home prices in Phoenix have risen for the 13th month in a row.
San Diego was second best with nine consecutive monthly gains. Miami’s increase
was the fourth-highest among the list of 20.
Said David M. Blitzer, Chairman of the Index Committee at
S&P Dow Jones Indices, “Looking over this report, and considering other
data on housing starts and sales, it is clear that the housing recovery is
gathering strength. 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. Last week’s final revision to third quarter
GDP growth showed that housing represented 10% of the growth while accounting
for less than 3% of GDP. One indication of the rebound is the gains from the
bottom. The largest rebound is 24.2% in
Detroit even though prices there are still about 20% lower than 12 years ago. San Francisco and Phoenix have
also rebounded from recent lows by 22.5%
and 22.1% with prices comfortably higher than 12 years ago. The smallest
recoveries are seen in Boston and New York, two cities in the northeast which
suffered smaller losses in the housing bust than the Sunbelt or
California.”
Confirming the report, South Florida home prices in general,
according to local Realtor boards, have increased on an annual basis for 10
consecutive months. For instance, the Greater Fort Lauderdale Realtors last
week said Broward County's median price in November was $210,000, a 9 percent
increase from a year ago. In Palm Beach County, according to the Realtors
Association of the Palm Beaches, the median price last month was $219,500, up
20 percent as compared with last year’s prices.
The latest S&P/Case-Shiller Home Price Indices can be
accessed at http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us----
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