United States: Home prices pick up speed in February
April 30, 2013
In February, the unadjusted S&P/Case-Shiller 20-city home price composite index rose 0.3% over the preceding month, matching market expectations. The reading followed a 0.1% increase in January.
On an annual basis, home prices rose 9.3% over the same month last year. The reading marks an improvement over the 8.1% increase recorded in January and represents the largest pick-up in home prices since May 2006. However, despite the strong increase, prices still remain 28.9% below the peak registered in July 2006.
S&P remained very optimistic, as home prices continue to show solid gains across all 20 cities surveyed. Moreover the agency specified that "despite some recent mixed economic reports for March, housing continues to be one of the brighter spots in the economy".