Sustained home price gains show strength of recovery
Case-Shiller indices post 6th consecutive month-to-month gain
BY INMAN NEWS, TUESDAY, NOVEMBER 27, 2012.
Consistent home price gains demonstrate that the housing recovery is on solid ground, the publishers of a leading home price index and other industry experts say.
The S&P/Case-Shiller national home price index — which tracks single-family home prices in all nine U.S. Census divisions on a quarterly basis — was up 3.6 percent from a year ago during the third quarter, and 2.2 percent from the second quarter.
The 10- and 20-city S&P/Case-Shiller home price indices posted month-to-month gains for the sixth month in a row, both rising 0.3 percent in September. The composites also posted annual gains for the fourth month in a row, rising 2.1 percent and 3.0 percent in September, respectively.
“We are entering the seasonally weak part of the year,” said David Blitzer, chairman of the index committee at the S&P Dow Jones Indices, in a statement. “Despite the seasons, housing continues to improve.”
“With six months of consistently rising home prices, it is safe to say that we are now in the midst of a recovery in the housing market,” Biltzer said.