Case-Shiller: Home Prices Rise 12.1 Percent Nationally

• June 25th 2013

by UrbanTurf Staff

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Home prices rose 12.1 percent nationally between April 2012 and April 2013, according to the Case-Shiller report released this morning. Between March and April, the 10 and 20-city indices rose 2.6% and 2.5%, respectively, record monthly gains for the index.

From the report:

“The 10-and 20-City Composites posted their highest monthly gains in the history of S&P/Case-Shiller Home Price Indices,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “Thirteen cities posted monthly increases of over two percentage points, with San Francisco leading at 4.9%.

Atlanta, Phoenix, Las Vegas and San Francisco all posted year-over-year price gains of more than 20%. In San Francisco, prices rose almost 24% annually. Between March and April, home prices in the DC area increased 2.4% and 7.2%, year-over-year.

The Case-Shiller Disclaimer

When considering the Case-Shiller findings, recall that the index is based on closed sales and home price data from several months ago. (A better indicator of where area prices stand right now is the May report from RealEstate Business Intelligence.) Another thing that is important to note is that the main index only covers single-family home prices, so co-op and condo prices are not included in the analysis that is widely reported. Chicago and New York City are two of the cities where Case-Shiller provides a separate index for condo prices, but DC does not have a similar index.

Lastly, and perhaps most importantly when considering the conclusions of the index, the area covered by Case-Shiller can only very loosely be described as the “DC area”. According to the site, the following cities are included: DC, Calvert MD, Charles MD, Frederick MD, Montgomery MD, Prince Georges MD, Alexandria City VA, Arlington VA, Clarke VA, Fairfax VA, Fairfax City VA, Falls Church City VA, Fauquier VA, Fredericksburg City VA, Loudoun VA, Manassas City VA, Manassas Park City VA, Prince William VA, Spotsylvania VA, Stafford VA, Warren VA, Jefferson WV.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/case-shiller_home_prices_rise_12.1_percent_nationally/7243.