Case-Shiller Reports Double Digit Increases This Week
Further supporting brokers’ remarks, this week, Case-Shiller reported double digit price increases in all three of its composites, which posted their highest returns in seven years
According to their report, prices increased in the 10-City and 20-City Composites by 10.3 percent and 10.9 percent in the year to March with the national composite rising by 10.2 percent. All 20 cities posted positive year-over-year growth.
“Home prices continued to climb,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “Home prices in all 20 cities posted annual gains for the third month in a row. Twelve of the 20 saw prices rise at double-digit annual growth. The National Index and the 10- and 20-City Composites posted their highest annual returns since 2006.
“Phoenix again had the largest annual increase at 22.5 percent followed by San Francisco with 22.2 percent and Las Vegas with 20.6 percent. Miami and Tampa, the eastern end of the Sunbelt, were softer with annual gains of 10.7 percent and 11.8 percent.
The number of cities that showed monthly gains increased to 15. Denver, Charlotte, Seattle and Washington entered positive territory; Seattle and Charlotte were the most notable with returns of +3.0 percent and +2.4 percent. San Francisco posted the highest month-over-month return of 3.9 percent.
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