Case-Shiller report indicates monthly home price gains from March to April at record levels
A record-breaking rise in national home prices was reported in data released today by the S&P/Case-Shiller Home Price Indices for the period ending in April.
The Case-Shiller report, the leading measure of U.S. home prices, showed average home prices increased 11.6% for the 10-City Composite and 12.1% for the 20-City Composite for the 12 months ending in April 2013. The Case-Shiller report tracks real estate market trends in the nation’s major metropolitan areas.
But the record-breaking news came from the monthly gains from March to April, which posted their highest monthly gains in the history of the Case-Shiller Home Price Indices, according to David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. The 10-City Composite rose 2.6% and the 20-City Composite rose 2.5%.
“Thirteen cities posted monthly increases of over two percentage points, with San Francisco leading at 4.9%,’’ Blitzer said.
The report indicated that Atlanta, Dallas, Detroit and Minneapolis posted their highest annual gains ever. San Francisco had a 23.9% year-over-year gain. Phoenix has had double-digit monthly increases for a full year. Detroit was the only city among the 20-City Composite that did not post a monthly increase.
The Home Price Index for April shows that average home prices across the United States for both the 10-City and 20-City Composite have returned to early 2004 levels.
Comparing April to March, 13 of 20 cities reported improvement, and Minneapolis had the largest gain, going from a negative return of -1.1%. The California cities of Los Angeles, San Diego and San Francisco reported their highest gains in years, with San Francisco reporting its highest gains since 1987. On the other coast, Miami had its largest return in seven and a half years.
According to the REAL Trends Housing Market Report, the national rate of housing sales grew in April by 16.2 percent from April 2012, the highest year over year results in the first four months of 2013.
From its Q1 2013 report, the Federal Housing Finance Agency indicated that the housing market has enjoyed positive signs in significant areas.
"The housing market has stabilized in many areas and homebuilding activity has strengthened in recent quarters," FHFA Principal Economist Andrew Leventis said in a FHFA statement. "That said, labor market weakness and still-elevated foreclosure pipelines remain hindrances to a more robust recovery."
Also, the National Association of Home Builders released new numbers for May, with new home sales up 2.1%.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.