See more: Case-Shiller’s city breakdown for October. Despite October’s decline, home prices are showing a “sustained recovery,” increasing 4.3% over the past 12 months – the largest annual price gain.
S&P/Case-Shiller: Home prices continue to strengthen Lower Mortgage Rates Are Lifting Housing Market – Despite lower mortgage rates and strengthening new-home sales, both single and multifamily starts are running below the levels seen during the same period last year. Lower prices for construction..
· Much like the recovery in the overall housing industry, the pickup in remodeling comes as home prices have staged a convincing bottom in most of the country, said O’Grady.
Minneapolis posted a double-digit 10.0% annual decline, the first market to be back in this territory since March 2010 when Las Vegas was down 12.0% on an annual basis. In the midst of all these falling prices and record lows, Washington DC was the only city where home prices increased on both a monthly (+1.1%) and annual (+4.3%) basis.
City Composite gained 4.5% year-over-year, compared to 4.3% increase in a November. The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 4. 6% annual gain in December 2014 versus 4.7% in November.
Current prices are still 42.9% below the peak. On par with quarterly trends, the Midwest saw yearly gains soften to 1.1%. This, in part, reflects higher prices a year ago when the region saw a short uptick. October year on year home prices in the South and the Northeast made headway, each up at least 1% over September, to 4.2% and 2%, respectively.
Consequently, home sales are rising, up 4% from a year ago. The increased demand has caused home prices to increase in 10 of the past 11 quarters, with prices measuring just above $200,000 in the fourth quarter, a 6.2% year-over-year increase.
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It also shows some consistency across research firms with Lender Processing Services also reporting that prices are up 4.3% year-over-year in October. The S&P 10-city composite index posted a 3.4%.
Though the Lehigh Valley wasn’t hit as hard by foreclosures as such states as Florida, Nevada and California, it is seeing an uptick in foreclosures. slowing the housing market’s recovery even as.
· S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, showed home prices rose in the 20-City Composite an average of 4.3% in the 12 months ending in October, out-distancing analysts forecasts. If fact, Seattle outpaced the.
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