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US Home Prices Post Biggest Annual Gain Since Recession

Published by: Betty on 31st Dec 2013 | View all blogs by Betty
US Home Prices Post Biggest Annual Gain Since Recession
 
US home prices posted their biggest jump since the housing boom in October, according to a report issued Tuesday by Standard & Poors and Case-Shiller.  Economists tempered their enthusiasm over the report, however, as the broader picture points to a housing recovery losing steam.  The S&P/Case-Shiller index showed that home values in the nation's 20 largest cities rose 13.6 percent year-over-year in October, marking the 17th consecutive month in which priced rose from a year earlier.  Prices were also up 0.2 percent from September, though the pace of growth is slowing.  According to Tuesday's report, year-over-year price growth slowed in 18 of the 20 cities tracked by the index, and September's growth was slower than August's in 19 of the 20 cities.

Compared to September, prices only increased in half the 20 cities included in the S&P/Case-Shiller measure, led by a stout 1.2 percent uptick in Las Vegas.  Miami finished a close second with prices rising 1.1 percent.  Nine of the 20 cities posted declines in home values from September, including Dallas, Denver, Atlanta, Boston and Chicago.  The median sales price for homes in New York City, meanwhile, was unchanged from September.  Each of the 20 cities posted price gains on a year-over-year basis.  With October's gains, US home prices have now reached levels seen in 2004, and are now only 20 percent off the peak levels set during the housing boom in mid-2006.

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