The 20-City CoreLogic Case-Shiller Composite Index increased 5.1% year-over-year in September, unchanged from August’s increase. The 10-City Composite increased 4.3% annually, up from a 4.2% increase in the previous month. The National Index, which covers all nine Census divisions reported a 5.5% annual gain in September and reached an all-time high.
On a seasonally adjusted monthly basis, both the 10- and 20-City composites increased by 0.1% in September, while the National Index increased 0.4%.
“The new peak set by the S&P Case-Shiller CoreLogic National Index will be seen as marking a shift from the housing recovery to the hoped-for start of a new advance,” said David M. Blitzer, Managing Director and Chairman of the index Committee at S&P Dow Jones Indices. “While seven of the 20 cities previously reached new post-recession peaks, those that experienced the biggest booms – Miami, Tampa, Phoenix and Las Vegas – remain well below their all-time highs. Other housing indicators are also giving positive signals: sales of existing and new homes are rising and housing starts at an annual rate of 1.3 million units are at a post-recession peak.”
Monthly home prices rose in all 20 major cities covered by the index. Tampa saw the highest gains, with prices increasing 0.9% on a seasonally adjusted basis in September.
Read the S&P release.
Visit Banks and the Economy.