Talking about the latest reports from Case Shiller and LPS on home prices…
After yesterday’s news from NAR that their Pending Sales Index fell, I think everyone is in the mood for some good news for real estate. So let’s look at 2 positive reports about home prices:
Case Shiller Says Home Prices Up 12.8%
First up is the big boy on tracking US home prices: Case-Shiller. They are reporting that US home prices increased 12.8% year-over-year in their 10-city and 20-City Composites. This is slightly behind since they are talking about August 2013 and not last month. Also they are really talking about a 3 month average for June, July & August 2013.
David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices said:
Both Composites showed their highest annual increases since February 2006. All 20 cities reported positive year-over-year returns.
Wow, US home prices increasing at a pace we have not seen since back in 2006.
LPS Reports US Home Prices Up 9%
LPS just released their report for US home prices for August 2013 and they are reporting prices rose 9% year-over-year. This is still 14.3% below the peak according to LPS. We may be headed in the right direction but according to LPS, there is still a long way to go.
Both Case Shiller and LPS are talking about home prices for the entire US. While this may not reflect the reality in your local market, it is good news for real estate and the economy.