Latest Case Shiller Report Covering Home Sales

Latest Case Shiller Report Covering Home Sales

spAccording to the S&P Case Shiller Home Price Index released today home prices fell slightly for the first time since November 2012.  The report sites slightly higher mortgage rates added to price gains sellers experienced earlier in 2013 as the cause for the stumble in November.

On the flip side of the slight dip in home prices, the latest report is optimistic about the current market -“Winter Shows No Signs of Cooling in Home Prices”.

As part of the report The Standard & Poor’s Case-Shiller index of home prices in 20 top cities fell 0.1% in November and a separate 10-city index also fell by 0.1%, Standard & Poor’s/Dow Jones Indices said in a statement. The 20-city index showed prices 13.8% higher than a year earlier, while the 10-city index rose 13.7%.  Furthermore the company said the dip is not a reversal of the housing recovery. Prices typically dip in November and this performance was the best for any November since 2005.

“Beginning June 2012, we saw a steady rise in year-over-year increases, (and) November continued that trend,” said David Blitzer, head of the index committee at S&P/Dow Jones Indices. “The Sun Belt continues to push ahead with Atlanta, Las Vegas, Los Angeles, Miami, Phoenix, San Diego, San Francisco and Tampa taking eight of the top nine spots.”  Watch David Blitzer’s Webinar- click here

The latest report covering the real estate market in Greater Cincinnati tells a slightly different story-but we typically don’t analyze the trends in “pending sales” locally which will come into play as the deals made in November/December begin to close during January and into February.

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