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Real Estate

Home prices up for sixth consecutive month: S&P/Case-Shiller

U.S. home prices rose 3.6% in the third quarter when compared to year ago levels, according to Standard & Poor's/Case-Shiller Home Price Indices.

Prices studied from the national composite index also rose 2.2% from the second quarter of 2012.

The S&P's 10- and 20-city composite indices posted annual price increases of 2.1% and 3%, respectively. From August to September, both indices rose by 0.3%.

Out of the 20 metros studied for the survey, 17 of them saw higher home prices in September when compared to a month earlier.

The major metro of New York saw no changes in home prices, while Detroit and Washington D.C. had a notable, but slight decline in their annual rates, S&P said.

"Home prices rose in the third quarter, marking the sixth consecutive month of increasing prices," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices. "In September’s report all three headline composites and 17 of the 20 cities gained over their levels of a year ago. Month-over-month, 13 cities and both composites posted positive monthly gains."

Phoenix saw a 20.4% increase in annual prices, while another hardest hit city – Atlanta – finally reversed 26 months of annual declines with a 0.1% annual rate increase in September. The cities of Boston, Charlotte, Chicago, Cleveland and New York saw modest home price drops when comparing September to August.

The S&P report is in line with a new study from LPS, which noted Monday that home prices year-over-year increased 3.6% in September.


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