Case-Shiller Index, Home Values, Housing Analysis, Real Estate News

Home Prices Sky Rocket In 2013 WIth Double Digit Growth

April 2, 2013 by · Leave a Comment 

Case Shiller Index February 2013 Shows Home Prices AcceleratingLast week, the S&P/Case-Shiller Index showed home prices gaining 8.1 percent during the 12-month period ending January 2013, marking the largest year-over-year increases since the summer of 2006.

The Case-Shiller Index measures changes in home prices by tracking same-home sales throughout 20 housing markets nationwide; and the change in sales price from sale-to-sale.

Detached, single-family residences are used in the Case-Shiller Index methodology and data is for closed purchase transactions only.

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All 20 Case Shiller Index Markets Show Growth

Between December 2012 and January 2013, home values rose in all 20 Case-Shiller Index markets, with previously hard hit areas such as Phoenix, Arizona leading the national price recovery.

The top three yearly “gainers” for as of January 2013 were:

  • Phoenix, Arizona: +23.2 percent
  • San Francisco, California:  +17.5 percent
  • Las Vegas, Nevada: +15.3 Percent

Other year-over-year double-digit gainers in home value were Atlanta, Detroit, Los Angeles, Miami, and Minneapolis. Another notable gainer was New York, which posted the first year-over-year increase following 28 straight months of negative annual returns.

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Broader Numbers Support Widespread Housing Recovery

These strong annual home value increases continue to support the overall housing recovery.

There have been year-over-year double-digit increases in home building permits and new housing starts as of February 2013 as well.

And foreclosure filings have fallen to only three-fourths of their previous annual levels.

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It should be noted, however, that the Case-Shiller Index is an imperfect gauge of home values.

  1. The index tracks changes in the detached, single-family housing market only. It specifically ignores sales of condominiums, co-ops and multi-unit homes.
  2. The Case-Shiller Index data set is limited to just 20 U.S. cities. There are more than 3,000 cities nationwide, which illustrates that the Case-Shiller sample set is limited.
  3. The home sale price data used for the Case-Shiller Index is nearly two months behind its release date, rendering its conclusions somewhat out-of-date.

That said, the Case-Shiller Index joins the bevy of home value trackers pointing to continued home price growth.

A good next step for getting up-to-date home values in the Northwest Indiana area is to contact one our qualified and contributing licensed real estate professionals.

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