A wave of positive housing news flooded financial newswires this morning.
Data through April 2013, released today by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices, a leading measure of U.S. home prices, showed average home prices increased 11.6 percent and 12.1 percent for the 10- and 20-City Composites in the 12 months ending in April 2013.
From March to April, the 10- and 20-City Composites rose 2.6 percent and 2.5 percent. All 20 cities and both Composites showed positive year-over-year returns for at least the fourth consecutive month. Atlanta, Dallas, Detroit and Minneapolis posted their highest annual gains since the start of their respective indices.
“The 10- and 20-City Composites posted their highest monthly gains in the history of S&P/Case-Shiller Home Price Indices,” says David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “Thirteen cities posted monthly increases of over two percentage points, with San Francisco leading at 4.9 percent.” The recovery is definitely broad based. The two Composites showed the largest year-over-year gains in seven years.
In more positive housing news, the Commerce Department said today that new-home sales increased