November 7, 2012 (Chris Moore)
Monthly and yearly home prices continued to improve according to the latest S&P/Case-Shiller Home Price Indices with Detroit posting the largest monthly increase while Phoenix posted the largest year-over-year gain. Home prices in Phoenix have recorded double-digit increases for the last four consecutive months.
Monthly average home prices for both the 10-City and the 20-City Composite posted a 0.9 percent gain from July to August. Detroit posted the largest monthly gain of 2.3 percent followed by both Atlanta and Phoenix with a 1.8 percent monthly increase. Seattle was the only area to post a monthly decline, falling a modest 0.1 percent.
Compared to August of last year, the 10-City Composite was up 1.3 percent while the 20-City Composite improved 2.0 percent. Phoenix was once again the only city to post a double digit gain over last year, improving by 18.8 percent. Detroit followed with an annual gain of 7.6 percent with Minneapolis close behind with a gain of 7.4 percent.
Atlanta continued to have the largest annual decline with a 6.1 percent annual decline. New York and Chicago were the only other cities to see a decline, falling 2.3 and 1.6 percent, respectively.
Not accounting for inflation, average home prices across the United States are back at the same levels they were in the late summer and fall of 2003.
Index levels for both the 10-City and the 20-City Composites have declined almost 30 percent from their peak in June/July 2006
Three MSAs, Atlanta, Detroit and Las Vegas, continued to see average prices that are below their January 2000 levels.
Tags: S&P, Case-Shiller Home Price Indices, 10-City Composite, 20-City Composite, home prices