Home prices increase in most major US cities
WASHINGTON (AP) — Home prices increased in September in most major U.S. cities, more evidence of a housing recovery that is providing a lift to the fragile economy.
Standard & Poor's/Case-Shiller reported Tuesday that its 20-city index of home prices rose 3 percent in September compared with the same month last year. Prices also gained 3.6 percent in the July-September quarter compared with the same quarter in 2011.
Across the nation, prices increased in 18 of 20 cities over the 12-month period. In Phoenix, prices jumped 20.4 percent over that stretch to lead all cities. Prices in Atlanta showed a modest 0.1 percent increase, ending 26 straight consecutive year-over-year declines.
Prices also rose in September from August in 13 cities. Five metro regions posted declines, while two were unchanged.
In Las Vegas, one of the hardest hit during the housing crisis, prices increased 1.4 percent — the biggest month-over-month gain. Prices rose 1.1 percent in Phoenix and Minneapolis. The largest decline was in Cleveland, where prices fell 0.9 percent.
Monthly prices are not seasonally adjusted, so some of the declines may signal the end of the summer buying period.
David M. Blitzer, chairman of the Case-Shiller index, said that when adjusting for seasonal factors, only one city showed a decline in September versus two in August. "Despite the seasons, housing continues to improve," Blitzer said.
The S&P/Case-Shiller index covers roughly half of U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The September figures are the latest available.
Business Photo Galleriesview all
- 12879Oklahoma weather: Crews work to clear storm damage in Oklahoma City as the state braces for severe weather Sunday.
- 10775OKC Thunder: Thunder trio praise fans before potential departures
- 6990Student shot dead during botched home invasion
- 5542Oklahoma State football: Todd Monken thinks Wes Lunt should've stayed in Stillwater
- 5510Oklahoma medical examiner reports cause of deaths in Grand Lake boat crash
- 5081Oklahoma Severe Storm Updates
- 4971OKC Thunder GM Sam Presti won't amnesty Kendrick Perkins