Home Prices Back to Mid-2004 Level; Up 13.3% Annualized

Home Prices Surge Back to Mid-2004 Level; Up 13.3% Annualized As of September 2013, average home prices across the United States are back to their mid-2004 levels, according to data released Tuesday from the S&P/Case Shiller index of 20 U.S. cities.
Home prices jumped again in September, marking their biggest annual gain in at least 7-1/2 years. The national index is up 13.3 percent year-over-year, the strongest increase since the boom peaked in 2006.
The S&P/Case Shiller composite index rose 0.7 percent month-over-month in September on a non-seasonally adjusted basis.
As of the third quarter of 2013, average home prices across the United States were back to their levels posted in the second quarter of 2004.
At the end of the third quarter of 2013, the national index was up 3.2 percent over the second quarter of 2013, and 11.2 above the third quarter of 2012.
Twelve cities posted double-digit annual returns in September.
“Housing continues to emerge from the financial crisis: the proportion of homes in foreclosure is declining and consumers’ balance sheets are strengthening,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “The longer run question is whether household formation continues to recover and if home ownership will return to the peak levels seen in 2004.”
Regionally, the West continues to lead with Las Vegas gaining 29.1 percent year-over-year, followed by San Francisco at 25.7 percent, Los Angeles at 21.8 percent and San Diego at 20.9 percent.
San Francisco and Los Angeles showed their highest annual returns since March 2001 and December 2005. Although Chicago has not reached double-digit growth, the city recorded its highest year-over-year gain since November 2005.
Home Prices Surge Back to Mid-2004 Level; Up 13.3% Annualized

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