Home Prices Increase

The just released S&P/Case Shiller composite index of 20 metropolitan areas gained 1% in January on a month-on-month basis. But, the big news was that the 20 cities index climbed 8.1 % on a year-over-year basis!

With today’s good news, average home prices in the US are back to their autumn 2003 levels, but still off about 30% from their 2006 highs. All 20 cities in the index showed gains On a year-over-year basis, with New York home prices increasing for the first time in over two years and Phoenix, Arizona home prices zooming up 23.2% on a year-over-year basis! San Francisco came in second on annual home price increases, with the huge 17 1/2% increase.

Here in San Diego, the S&P/Case Shiller index showed that San Diego home prices on a monthly basis were actually off 0.6%, while on an annual basis San Diego home prices increased 9.8%. At the low end of the annual home price increases was New York with a tiny .06% increase.

Read the full S&P/Case-Shiller Home price composite index

home prices increase