Last week, data from the S&P/Case-Shiller Home Price Indices was released. Case-Shiller is widely known to be the leading measure of U.S. home prices.
The data showed that the U.S. National Home Price Index rose 4.4 percent in the second quarter of 2010, after having fallen 2.8 percent in the first quarter. Nationally, home prices are 3.6 percent above their year-earlier levels. The data showed that in June of this year, 17 of the 20 metropolitan areas covered by the Case-Shiller study were up from the month prior. Las Vegas was the only city to go down (0.6 percent) while Phoenix and Seattle were both flat.
This is great news. Not only are prices stabilizing but, in most metropolitan areas, they are increasing. And this modest increase is the kind that is likely to stay.
This data is offering many a sigh of relief with the acknowledgement that housing prices have finally rebounded from crisis lows. Some other housing indicators highlight the “double dip” that has been reported in the media. Indeed, the government incentives to buy are winding down and the market is beginning to enter a stage of performing on its own. But even with these concerns about near term developments, it is recognized that the housing market is in better shape than this time last year. Executive summery: the recent Case-Shiller numbers are every bit encouraging.
Read more about "Phoenix home prices remain level." at MyPhoenixmls.com blog.
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