According to the Case-Shiller Home Pricing Index, the leading measure of home pricing, the US Residential Real Estate prices have risen for the 7th straight month in a row and for the year ending in August show the highest price gains in 2 years. This news was anticipated by economic forecasting and helps show that the US economy is growing and that the housing markets will help lead the way. With 7 months of positive home pricing news analysts are more optimistic for continued recovery in the housing markets.
“News on home prices confirms other good news about housing. Single family housing starts are 43% ahead of last year’s pace, existing and new home sales are also up, the inventory of homes for sale continues to drop and consumer mortgage default rates are reaching new lows. Further consumer confidence continues to rise. Even as we end the seasonally strong home buying period, the statistics are positive. For the fifth time in a row, both Composites had monthly gains. Home prices in Seattle fell modestly in August, but other than that the 20 cities have also seen home prices generally improve since April.”
The table below summarizes the results for August 2012. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data. More than 25 years of history for these data series is available, and can be accessed in full by going to www.homeprice.standardandpoors.com.
| August 2012 | August/July | July/June | ||
| Metropolitan Area | Level | Change (%) | Change (%) | 1-Year Change (%) |
| Atlanta | 95.80 | 1.8% | 2.6% | -6.1% |
| Boston | 158.27 | 0.7% | 1.8% | 1.7% |
| Charlotte | 116.58 | 0.6% | 0.7% | 2.8% |
| Chicago | 117.45 | 0.7% | 2.7% | -1.6% |
| Cleveland | 103.04 | 1.0% | 0.4% | 1.1% |
| Dallas | 121.34 | 0.1% | 0.9% | 3.6% |
| Denver | 133.48 | 0.5% | 1.3% | 5.5% |
| Detroit | 79.18 | 2.3% | 3.6% | 7.6% |
| Las Vegas | 96.04 | 1.6% | 0.7% | 0.9% |
| Los Angeles | 173.02 | 1.3% | 1.3% | 2.1% |
| Miami | 150.12 | 1.0% | 2.1% | 6.7% |
| Minneapolis | 124.65 | 1.2% | 3.7% | 7.4% |
| New York | 166.32 | 0.7% | 1.1% | -2.3% |
| Phoenix | 119.28 | 1.8% | 2.2% | 18.8% |
| Portland | 140.80 | 0.5% | 1.2% | 3.6% |
| San Diego | 157.84 | 0.9% | 1.1% | 1.9% |
| San Francisco | 142.37 | 0.5% | 1.9% | 5.3% |
| Seattle | 141.69 | -0.1% | 1.4% | 3.4% |
| Tampa | 134.91 | 0.4% | 1.0% | 4.2% |
| Washington | 194.00 | 1.1% | 1.4% | 4.3% |
| Composite-10 | 158.62 | 0.9% | 1.5% | 1.3% |
| Composite-20 | 145.87 | 0.9% | 1.6% | 2.0% |
| Source: S&P Dow Jones Indices and Fiserv | ||||
| Data through August 2012 | ||||
Please contact me with any questions about the Lake Tahoe and Truckee Real Estate markets as I would be happy to discuss the economies of the Tahoe marketplace with you.
Dave Westall, Realtor
Tahoe Riverfront Realty, Inc.
P: 530-448-9882
David@WestallRealEstate.com
www.WestallRealEstate.com
CA DRE# 01796995
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