Weak prices in a number of late fall markets as evident in NAR’s latest pending sales index has been causing concern in the real estate circles, but Case-Shiller, the final word on prices, downplayed the doubters today.
Through November 2012, the S&P/Case-Shiller Home Price Indices showed home prices rose 4.5 percent for the 10-City Composite and 5.5 percent for the 20-City Composite.
Year-over-year prices rose in 19 of the 20 cities and fell in New York. In 19 cities prices rose faster in the 12 months to November than in the 12 months to October; Cleveland prices rose at the same pace in both time periods. Phoenix led with the fastest price rise – up 22.8 percent in 12 months as it posted its seventh consecutive month of double-digit annual returns.
“The November monthly figures were stronger than October, with 10 cities seeing rising prices versus seven the month before.” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices.
“Phoenix and San Francisco were both up 1.4 percent in November followed by Minneapolis up 1.0%. On the down side, Chicago was again amongst the weakest with a drop of 1.3 percent for November.