Composite Metro House Values Edge Up

Standard & Poor’s Case/Shiller Index reports in HousingWire U.S. home prices nudged up 0.9 percent in August over July in 19 of the 20 metro areas surveyed. Overall, the ten-city composite index saw an annual price increase of 1.3 percent, while the 20-city composite climbed two percent over last year. Individually, Phoenix experienced an increase of 18.8 percent in home values from a year ago, posting its fourth consecutive double-digit rise in home prices. MHProNews has learned three cities registered annual losses in home values: Atlanta fell 6.1 percent, New York declined 2.3 percent, and Chicago dropped 1.6 percent. David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, says, “ 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.”

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