Data released by Standard & Poor’s and Case-Shiller indicates that house prices continued to rise in November 2013. According to the release, both the seasonally adjusted S&P/Case-Shiller 10-City Index and the seasonally adjusted S&P/Case-Shiller 20-City Index rose by 0.9% over the month. For the past twelve months these two house price indexes, the 10-City and the 20-City, rose by 13.8% and 13.7% respectively.
The month-over-month increase in house prices nationally, according to the 20-City Index, reflected gains in each city. As Figure 1 illustrates, 9 of the 20 cities in the index saw monthly house price appreciation equal to or exceeding 1.0%. Four cities, Chicago, Los Angeles, Minneapolis, and New York experienced house price growth of 0.8%, just below the national average. Meanwhile, Phoenix house prices, which have experienced rapid growth in the immediate past, and Seattle house prices rose by 0.4%.
For full histories of the composites and 20 markets included in the Case-Shiller composites, click here cs.
Article reprinted with permission from the NAHB.