Case-Shiller index says house prices growing across the US

Ben Southwood
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US HOME prices continued to rebound in August, data suggested yesterday, adding to the zig-zag recovery from the depths of the credit crunch.

Average prices edged up 0.9 per cent in the month, according to both the 10- and 20-city composite Case-Shiller home price indices. This monthly increase capped off a 1.3 per cent rise across the year for the 10 biggest cities, and a two per cent climb for all 20 cities.

Seventeen of the 20 cities in the wider index saw prices up compared to a year earlier, led by Phoenix, where homes were 18.8 per cent more expensive – prices only fell in Atlanta, Chicago and New York.

“Home prices continued climbing across the country in August,” said David Blitzer, chairman of the index committee overseeing the data. “Nineteen of the 20 cities and both composites showed monthly gains in August.

“The sustained good news in home prices over the past five months makes us optimistic for continued recovery in the housing market,” Blitzer added.

The Conference Board had been scheduled to release consumer confidence data yesterday, but delayed the release until tomorrow due to Hurricane Sandy.