Residential
Real Estate News
US Home Prices Back to 2003 Level

US Home Prices Back to 2003 Level


Average home prices across the United States have bounced back to 2003 levels, but are still down as much as 29 percent from the peak level of 2006, according to the latest S&P/Case Shiller Home Price Indices.

Nationally prices were up 10.2 percent in the first quarter compared to a year earlier, while the 20-city composite tracked by the index was up 10.9 percent. All 20 cities posted positive gains.

Phoenix posted the largest annual increase, 22.5 percent, followed by San Francisco with 22.2 percent and Las Vegas with 20.6 percent.

Thumbnail image for Blitzer-David-3.jpg

David M. Blitzer

"Home prices continued to climb," says David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices. "Home prices in all 20 cities posted annual gains for the third month in a row. Twelve of the 20 saw prices rise at double-digit annual growth."

The lowest gains were in New York, which saw prices rise 2.6 percent, Cleveland, 24.8 percent and Boston, 6.7 percent, but the firm noted that even those gains were "quite substantial."

"Other housing market data reported in recent weeks confirm these strong trends: housing starts and permits, sales of new home and existing homes continue to trend higher," Mr. Blitzer said. "At the same time, the larger than usual share of multi-family housing, a large number of homes still in some stage of foreclosure and buying-to-rent byinvestors suggest that the housing recovery is not complete."

sp-case-schiller-us-national-index-metropolitan-area-2013.jpg

Sponsored by

Comment with Facebook


Copyright 2010 - 2019 WORLD PROPERTY JOURNAL, INC. All Rights Reserved.

Join 34,000+ real estate professionals worldwide who receive our free weekly newsletter

GO
Advertisement
News Search
Go

Listing of The Day

Luxury Property Spotlight

Reader Poll

Advertisement
Featured International Listings
×
WORLD PROPERTY JOURNAL
 
Free News Alerts
 

Sign up now to receive the latest local & global real estate news in your inbox.

GO