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Home Prices Continue to Rise, Florida Post Strong Annual Gain
|Higher home prices are indicative of an improving national housing market, and some states are posting stronger numbers as their local economies are improving more quickly.
Thrusday, December 6th, 2012
Higher home prices are indicative of an improving national housing market, and some states are posting stronger numbers as their local economies are improving more quickly. A new report from Standards and Poor's/Case-Shiller shows U.S. home prices increased in the third quarter, and September marks the six consecutive month of significant gains.
According to the Home Price Indices, the national composite was up by 3.6 percent in July, August and September, when compared to the third quarter from last year and prices grew 2.2 percent from the second quarter of this year. Additional data shows both the 10- and 20-City Composites posted gains in the third quarter, while home prices increased 0.3 percent on a month-over-month basis for both measures.
Data shows the 10-City Composite posted a 2.1 percent annual increase in September, while the 20-City saw a 3 percent gain. Both indices have returned to levels found in the third quarter of 2003, however, they remain significantly lower when compared to peaks seen in June and July of 2006.
Both fall and winter are typically slower seasons for home sales, however, economic improvements and a lower inventory of delinquent properties listed for sale have allowed home prices to continue to grow. Record low mortgage rates have also helped both first-time buyers and current homeowners by providing lower monthly payments regardless of higher prices.
"We are entering the seasonally weak part of the year," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices. "The headline figures, which are not seasonally adjusted, showed five cities with lower prices in September versus only one in August, in the seasonally adjusted data the pattern was reversed: only one city fell in September versus two in August. Despite the seasons, housing continues to improve."
Residents living in Boston, Charlotte, Chicago, Cleveland and New York saw lower home prices in September when looking at the previous month, while some cities including Tampa and Washington saw little movement from August to September. The housing market in Phoenix continues to post notable price increases, recording the highest annual rate in record history, with a 20.4 percent growth from September 2011. When looking at home prices on a year-over-year measure, only two MSAs, New York and Chicago, posted declined annual rates. Miami posted a 7.4 percent annual change.
National real estate trends have a major impact on the real estate market on a daily basis. Keeping up-to-date on the latest news and notes posted by GL Homes can make sure those looking for South Florida homes know exactly how the current market will affect them.