The S&P|Case-Shiller Home Price Indices with data through August 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 Atlanta showing an increase of 1.8% over the numbers from July 2012. That still leaves Atlanta down 6.1% over the past year though the market has been slowly erasing that loss over the past couple of months, including a gain of 2.6% last month.
The only market to show a decrease in home prices over the last month was Seattle with a -0.1% change. The largest monthly increase was again in Detroit with a gain of 2.3%. There are now only three metropolitan markets still showing a loss over the past year. They are Atlanta, Chicago and New York. Las Vegas left that list this month with an increase of 0.9% over the past year.
The rate of price increases continues to slow with twelve markets showing gains of less than 1%, compared to just four last month. Phoenix continues to lead the increase in home prices with an 18.8% increase over the last year. Most of the increases over the past year are modest with ten markets within 3% of their prices one year ago.
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/Q4PTIv [standardandpoors.com]
Photo by Diana Parkhouse used under creative commons license.