According to the latest S&P Case-Shiller Home Price Indexes, which were released on Tuesday, residential property prices are still on the rise. The national composite index was up 3.6 percent in the third quarter of 2012 compared with the same quarter in 2011, and up 2.2 percent compared with 2Q12.
In September 2012, the 10- and 20-city composites showed annual increases of 2.1 percent and 3 percent, respectively. Average home prices in the 10- and 20-city composites were each up by 0.3 percent in September versus August 2012, and 17 of the 20 MSAs and both composites posted higher annual increases in September versus August 2012. Detroit and Washington D.C. recorded a slight deceleration in their annual rates, while New York saw no change.
“Home prices rose in the third quarter, marking the sixth consecutive month of increasing prices,” David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, noted in a press statement. “We are entering the seasonally weak part of the year… [but] despite the seasons, housing continues to improve.”
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