Home prices continue to rise
The Southwest and Southeast continue to lead the recovery, but the Northeast and parts of the Midwest are lagging, according to the latest Case-Shiller data.
The latest Case-Shiller numbers show that the housing market is continuing to recover.
The S&P/Case-Shiller Home Price Indices for November found that prices rose year-over-year in 19 of the 20 markets tracked; prices fell only in New York. The 10-city index rose 4.5% and the 20-city index rose 5.5%
While prices fell slightly from October to November, 0.2% for the 10-city index and 0.1% for the 20-city index, David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said that was because of normal seasonal patterns, not a hiccup in the recovery.
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"The November monthly figures were stronger than October, with 10 cities seeing rising prices versus seven the month before," he said in a news release. "Winter is usually a weak period for housing, which explains why we now see about half the cities with falling month-to-month prices, compared to 20 out of 20 seeing rising prices last summer. The better annual price changes also point to seasonal weakness rather than a reversal in the housing market."
These statistics, like other recent measures, show that the Southwest is leading the recovery, closely followed by the Southeast. The Northeast and the industrial Midwest are not doing as well as the Sunbelt. Boston, Chicago and New York have experienced more than six months of price declines in the past year.
One analyst noted that the report shows that the larger cities are doing better than the United States as a whole.
The data show a "separation between the haves and have-nots," John Tashjian, principal at Centurion Real Estate Partners in New York, wrote in a research note, as reported by MarketWatch.
"It shows the larger cities — with a better economic basis, demand generators and foreign investment — appreciating at a rate far more rapidly than the wider U.S. Only when consumers are able to enter the market through better financing and increased job growth will we see the rest of the country catch up."
Here is how the 20 cities tracked by Case-Shiller fared in November 2012 vs. November 2011:
- Phoenix: up 22.8%.
- San Francisco: up 12.7%.
- Detroit: up 11.9%.
- Minneapolis: up 11%.
- Las Vegas: up 10%.
- Miami: up 9.9%.
- San Diego: up 8%.
- Denver: up 7.8%.
- Los Angeles: up 7.7%.
- Atlanta: up 7.6%.
- Seattle: up 7.4%.
- Tampa, Fla.: up 6.8%.
- Portland, Ore.: up 5.7%.
- Dallas: up 5.7%.
- Charlotte, N.C.: up 5.1%.
- Washington, D.C.: up 4.4%.
- Boston: up 2.3%.
- Cleveland: up 1.8%
- Chicago: up 0.8%.
- New York: down 1.2%.
Relax its not a housing boom its just the smart people leaving that welfare hell hole called California, a housing resettlement of people,ther good and the whine as tax dollars leave the US's biggest and 1 st Welfare State!
Lets see the state tax the slackers that are left behind and yes these people are armed,have records and just don't care about laws!
Its 2013 and your watch the Escape from Califorina reality show!
Since the banks have adopted a reduced-supply strategy, there is absolutely no reason to believe home prices will drop in the next 24 months. Especially in California. There is an incredible amount or pent-up demand from traditional first-time and move-up buyers, investors, hedge funds (who have finally seen how profitable SFR investing will be in the next 10 years), and rebuyers that were forclosed on or short sold in 2008-2009. If you look at the numbers, and ignore the media and doomsayers who have no idea what they're talking about, pretty rapid price increases are practically inevitable. As long as interest rates stay below 4.5%, which they should, then demand will far outpace supply. Even another recession can't stop this momentum since that would reduce interest rates further and barely put a dent in the demand pool.
You should be putting everything you have into real estate. Don't be one of the fraidy-cats that miss out on this opportunity!
Yes, home Prices on the Rise.................. As Gerald Celente says........... People who Buy now Will Get Slaughtered. With economy Failing , I have To Agree.
Although, I see people who have stable jobs will be OK and Prics Are At A FALSE BOTTOM - Prices Likely To Decline over years to come. prices Inflated due to Extremely Low interest Rates.
About Teresa Mears
Teresa Mears is a veteran journalist who has been interested in houses since her father took her to tax auctions to carry the cash at age 10. A former editor of The Miami Herald's Home & Design section, she lives in South Florida where, in addition to writing about real estate, she publishes Miami on the Cheap to help her neighbors adjust to the loss of 60% of their property value.