Home prices are rising at a faster rate across nearly every part of the U.S., according to data on the latest real estate market trends released today. Learn more.
Home prices posted their biggest annual gains in more than six years – rising an average of 8.1 percent across the nation’s major metropolitan areas in February, according to data on the latest real estate market trends released today by the S&P/Case-Shiller Home Price Indices. The increases put homes prices at autumn 2003 levels.
“This marks the highest increase since the housing bubble burst,” David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement. “Economic data continues to support the housing recovery.”
Prices in 19 of the nation’s 20 major metropolitan areas improved at an accelerated rate. Phoenix – one of the areas hardest hit by the housing crisis - posted the largest annual gain of 23.2 percent, and New York realized its first annual gain in 28 months. Prices improved year-over-year in the Detroit area, but at a slower rate.
Improving real estate market trends include a double-digit annual increase in housing starts and home building permits in February, and a 25 percent annual decrease in foreclosure filings, Blitzer said. “Steady employment and low borrowing rates pushed inventories down to their lowest post-recession levels.”
Real estate market trends reported by the Commerce Department today show that sales of new single family homes fell 4.6 percent in the month of February to a seasonally adjusted annual rate of 411,000. The rate is 12.3 percent above estimates for February 2012. The median sales price of new homes sold in February was $246,800, and the average sales price was $313,700. At the end of February, there were an estimated 152,000 new homes available for sale, enough to supply the market for roughly four months at the current sales pace.
Existing home sales rose 0.8 percent in the month of February, while existing home prices increased 11.6 percent in February – the largest annual gain since November 2005, according to real estate market trends reported last week by the National Association of Realtors.