Home Values Growth – Fastest Rate in Nearly Three Years
Home prices up at fastest rate in nearly three years!
In just one word, HOT, describes the US residential housing market right now!
Sure, there are many out there right now for forecasting the US housing bubble, or in the very least, a topping out for the momentum in the housing market. But, according to the latest S&P/Case-Shiller 20-city index report, it would seem that these negative forecasters are 180° off base! the latest S&P Case-Shiller 20 city index was up 5.7% when compared to the same time period last year.
This index was up index was up 0.4% for the month, a 0.7% gain when seasonally adjusted. here in San Diego the index was up 1% for the month and a 6.5% increase over the same time period last year! the city in the index with the largest one-month and yearly increases was Seattle. Seattle saw a 1.9% monthly increase in home values and a whopping 12 month change of 12.2%!
Though the majority of the cities in this 20 city index were up, Cleveland and Tampa saw prices fall in the February period, and home prices were flat in New York and Miami.
From Wikipedia, the free encyclopedia:
The Standard & Poor’s Case–Shiller Home Price Indices are repeat-sales house price indices for the United States. There are multiple Case–Shiller home price indices: A national home price index, a 20-city composite index, a 10-city composite index, and twenty individual metro area indices. These indices are calculated and kept monthly by Standard & Poor’s, with data points calculated for the time period of January 1987 through the present. The indices kept by Standard and Poor are normalized to have a value of 100 in January 2000. These Indices are based on original work by economists Karl Case and Robert Shiller, in which their team calculated the home price index back to 1890. That index is normalized to have 1890 have a value of 100. The Case–Shiller Index being kept on Shiller’s website (http://www.econ.yale.edu/~shiller/data.htm) is updated quarterly. Due to the different set reference points, and perhaps calculation differences, the index numbers provided in each data set can be very different. For example, in 4th quarter 2013, the Standard and Poor 20 city index point was in the 160’s, while the index point for 4th quarter on the Shiller data was in the 130’s. Shiller claims in his book Irrational Exuberance that such a long series of home prices does not appear to have been published for any country.
Home Values Growth