United States: Home prices record largest annual gain in seven years
May 28, 2013
In March, the unadjusted S&P/Case-Shiller 20-city home price composite index rose 1.4% over the preceding month, overshooting market expectations which had the index rising only 0.7%. The reading followed a 0.3% increase in February.
On an annual basis, home prices rose 10.9% over the same month last year, which marks an improvement over the 9.4% rise recorded in February. The figure represents the largest pick-up in home prices since April 2006. However, despite the strong increases seen in the past months, prices still remain 27.9% 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 for the third month in a row. Moreover, the agency specified that "the larger than usual share of multi-family housing, a large number of homes still in some stage of foreclosure and buying-to-rent by investors suggest that the housing recovery is not complete".