Thursday, February 14, 2013 / by Pedro Romero
The most recent Case-Schiller Home Price Indices showed home prices rose 4.5% for the 10-City Composite and 5.5% for the 20-City Composite in the previous 12-months. Prices rose in 19 of the 20 cities in the 20-City composite and fell only in New York. In the 19 cities price increase continued to accelerate than the month previous. Phoenix led with the fastest price rise – up 22.8% year over year as it posted its seventh consecutive month of double-digit annual returns. On the downside, Chicago was again amongst the weakest with a drop of -1.3%.
Appreciation & Home Price Indices
Winter is usually a weak period for housing which explains why we now see about half the cities with falling prices on a month-to-month basis; compared to last summer which saw 20 out of 20 with prices last summer. The better annual price changes point to seasonal weakness rather than a reversal in the housing market. Further evidence that th ...