It appears that the good news for the US housing market is coming in waves…
Just the other day I wrote about how NAR reported that Existing Home Sales were at the highest point since way back in 2009. And now we get more good news from Case-Shiller. The most recent S&P/Case-Shiller Index showed all three of their composites posted double-digit increases over the last four quarters. The national composite showed an increase of 10.2% annually. The 20-City composite posted even stronger annual growth at 10.9%.
Many people, myself included, like the Case-Shiller Index. While not the local data that we need to make informed decisions about buying or selling in Upstate South Carolina, it is the big boy when it comes to tracking home prices. It measures changes in home prices by tracking same-home sales using 10-City, 20-City and national housing markets; 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.
12 Of 20 Metro Markets Had Double-Digit Annual Growth
Between March 2012 and March 2013, home values rose in all 20 Case-Shiller Index markets. Which is great news but is just I am sure you are curious about home prices in our area. So let’s look at home prices in the Anderson area:
Home Prices Increase for 3 Months in a Row
Another sign that we are actually seeing recovery in real estate is that Case-Shiller reported that all 20 metro markets they track showed home prices increasing for at least 3 months in a row. If we were talking about only a couple of markets posting increases in home prices, then it would NOT be as impressive. The fact that we are seeing consistent increases is a pretty good sign that the recovery in real estate is for real.
I have to be honest and point out some of the bad stuff in the Case-Shiller report:
- Higher than normal multi-family housing numbers
- Large numbers of homes still in the foreclosure pipeline
- Significant investor activity
The latest S&P/Case-Shiller Home Price report is yet another sign that NOW could be the right time to buy. I think back to how depressing it was to write about home prices during the real estate meltdown. It was even more depressing to tell a home owner that they were NOT going to be able to sell their home for what they had hoped.
The truth is the truth.
People need honest answers to their real estate questions.
Even when it is an Ugly But Honest answer…