The S&P|Case-Shiller Home Price Indices with data through April 2012 were released this morning. They track home prices in 20 US metropolitan markets, from Miami to Seattle. We monitor these numbers because they’re an indicator of the available housing stock and consumer confidence.
The data show an increase in 19 of the 20 metropolitan markets tracked with only Detroit showing a drop of 3.6%. Atlanta, the national leader in decreased home prices, continues to show a 17% drop over the past year yet the market has posted a 2.3% increase in prices over the last month. As mentioned in our last blog post on this index, we hope this is a sign that reduced inventory is beginning to have an effect.
The increases across the 19 metropolitan areas included four with less than 1% increases with New York showing an increase of just 0.1%. The largest single April/March increase was in San Francisco with 3.4%.
You can find the full list of the twenty metropolitan markets and their numbers on the third page of the press release: http://rta.bz/MmFFQx [standardandpoors.com]
Photo by Diana Parkhouse used under creative commons license.