Home prices increase in most major U.S. cities - Ahwatukee Foothills News: Money

default avatar
Welcome to the site! Login or Signup below.
|
||
Logout|My Dashboard

Home prices increase in most major U.S. cities

Print
Font Size:
Default font size
Larger font size

Related Stories

Posted: Thursday, December 6, 2012 4:00 pm

Home prices increased in September in most major U.S. cities, more evidence of a housing recovery that is providing a lift to the fragile economy.

Standard & Poor’s/Case-Shiller reported last Tuesday that its 20-city index of home prices rose 3 percent in September compared with the same month last year.

Prices also gained 3.6 percent in the July-September quarter compared with the same quarter in 2011.

Across the nation, prices increased in 18 of 20 cities over the 12-month period. In Phoenix, prices jumped 20.4 percent over that stretch to lead all cities. Prices in Atlanta showed a modest 0.1 percent increase, ending 26 straight consecutive year-over-year declines.

Prices also rose in September from August in 13 cities. Five metro regions posted declines, while two were unchanged.

In Las Vegas, one of the hardest hit during the housing crisis, prices increased 1.4 percent — the biggest month-over-month gain. Prices rose 1.1 percent in Phoenix and Minneapolis. The largest decline was in Cleveland, where prices fell 0.9 percent.

Monthly prices are not seasonally adjusted, so some of the declines may signal the end of the summer buying period.

David M. Blitzer, chairman of the Case-Shiller index, said that when adjusting for seasonal factors, only one city showed a decline in September versus two in August.

“Despite the seasons, housing continues to improve,” Blitzer said.

The S&P/Case-Shiller index covers roughly half of U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The September figures are the latest available.

Steady increases in home prices have helped drive a modest recovery in the housing market. Rising prices encourage more potential buyers to come off the sidelines and purchase homes.

And more people may put their homes on the market as they gain confidence that they can sell at a good price.

Higher home prices can also make homeowners feel wealthier and more likely to spend more. Consumer spending accounts for about 70 percent of the U.S. economy.

A big reason for the rebound is that the excess supply of homes that built up before the housing crisis has finally thinned out.

The number of previously occupied homes available for sale has fallen to a 10-year low. The inventory of new homes is also near the lowest level since 1963.

At the same time, more people are looking to buy or rent a home after living with relatives or friends during and immediately after the Great Recession.

Those trends are also pushing up home sales and construction. Sales of previously occupied homes are near five-year highs, excluding temporary spikes in 2009 and 2010 when a homebuyer tax credit boosted purchases.

Builders, meanwhile, are more optimistic that the recovery will endure. A measure of their confidence rose to the highest level in six and a half years this month.

And builders broke ground on new homes and apartments at the fastest pace in more than four years last month.

© 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More about

More about

More about

  • Discuss

Chandler police investigating deadly vehicle vs. bicycle collision

CHANDLER, AZ - Chandler police are investigating a deadly collision between a car and bicyclist. According to police, a vehicle driving northb…

Published: October 1, 2016 - 12:06 pm @ http://www.abc15.com/news/region-southeast-valley/…

City of Phoenix Accuses Trump of Violating Law With Ad Featuring Police Officers

The city of Phoenix sent a cease-and-desist letter to Donald Trump’s presidential campaign demanding the removal of a portion of a campaign te…

Published: October 1, 2016 - 12:05 pm @ http://lawnewz.com/high-profile/city-of-phoenix-ac…

Phoenix PD: Patricia Bischoff arrested for extreme DUI after crashing into police car

PHOENIX - Phoenix police say 58-year-old Patricia Bischoff has been arrested for crashing into a police car near 16th Street and Union Hills D…

Published: October 1, 2016 - 12:06 pm @ http://www.abc15.com/news/region-phoenix-metro/nor…

A Local Sheriff's Race Is Drawing National Attention And A Hefty Price Tag

Most races for sheriff are low-profile, relatively low-budget affairs. Not in Arizona's Maricopa County, where Sheriff Joe Arpaio is running f…

Published: October 1, 2016 - 12:03 pm @ http://www.npr.org/2016/10/01/496198977/a-local-sh…

Ten Jewish Homelands Outside Palestine

A Jewish state? Sure: in Australia, Libya or Guyana. Or half a dozen other remote places, on just about any continent. But… not in Palestine. …

Published: October 1, 2016 - 12:07 pm @ http://bigthink.com/strange-maps/ten-jewish-homela…

Welcome to Best of Phoenix 2016: Bordertown

Becky Bartkowski A A Phoenix, it's time to celebrate. Best of Phoenix has arrived, and this year, New Times is taking a closer look at what it…

Published: October 1, 2016 - 11:41 am @ http://www.phoenixnewtimes.com/arts/welcome-to-bes…

Radio Phoenix Podcast: Krovak

Those zany Krovak punx joined us live in the Radio Phoenix studio at the Phoenix Center for the Arts for a supremely rowdy edition of Rise. Ta…

Published: October 1, 2016 - 11:10 am @ https://www.yabyumwest.com/2016/10/radio-phoenix-p…

Whole Pet Health - Timeline

See more of Whole Pet Health by logging into FacebookMessage this Page, learn about upcoming events and more. If you don't have a Facebook acc…

Published: October 1, 2016 - 11:03 am @ https://www.facebook.com/wholepethealth/posts/1318…

Trump would have good effect on L. America, but I’d vote Hillary

Get short URL A US President Trump would be good for Latin America because, like George W. Bush, he would boost support for left-wing parties,…

Published: October 1, 2016 - 11:06 am @ https://www.rt.com/news/361312-ecuador-president-i…

Republicans deny Trump would undo LGBT advances

September 30, 2016 at 7:47 am EDT | by Chris Johnson Republicans deny Trump would undo LGBT advances Donald Trump has cozied up to anti-LGBT e…

Published: October 1, 2016 - 10:36 am @ http://www.washingtonblade.com/2016/09/30/republic…

Facebook

ahwatukee.com on Facebook

Twitter

ahwatukee.com on Twitter

RSS

Subscribe to ahwatukee.com via RSS

RSS Feeds

Spacer4px

Most Popular

Online poll

Loading…