S&P Case Shiller: U. S. Home Prices Highest in Nearly Eight Years

The S&P/Case Shiller Home Price Indices reveal home prices in the 20 largest U. S. metro areas notched a 13.6 percent yearly increase, marking the highest gain since Feb. 2006 and the 17th month of annual increases. Thirteen cities earned a double-digit rise, according to worldpropertychannel.com. While average home prices have returned to mid-2004 levels, the National Association of Realtors (NAR) forecasts a six percent increase in 2014. As MHProNews has learned, chairman of the Index Committee at S&P Dow Jones Indices David M. Blitzer said, “The key economic question facing housing is the Fed’s future course to scale back quantitative easing and how this will affect mortgage rates. Other housing data paints a mixed picture suggesting that we may be close to the peak gains in prices. However, other economic data point to somewhat faster growth in the new year.”

(Image credit: housingwire.com–house prices rise)

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