S&P/Case-Shiller indices were released yesterday that showed a continued rebound in home prices off the post-recession lows. The prices for the 20-city composite index were up 2 percent in August 2012 from August 2011.
The 10- and 20-City Composites recorded annual returns of +1.3% and +2.0% in August 2012 – an
improvement over the +0.6% and +1.2% respective annual rates posted for July 2012. Eighteen of the 20 cities and both Composites posted better annual returns in August compared to July 2012. Annual returns for Dallas remained unchanged at +3.6% and Chicago saw its annual return worsen from -1.0% in July to -1.6% in August 2012. Only three cities posted negative annual returns in August: Atlanta with -6.1%, New York at -2.3% and Chicago at -1.6%. Phoenix posted its fourth consecutive month double-digit increase in annual rates with a recording of +18.8% in August 2012. It is the best performing city among the 20 cities followed by S&P Dow Jones Indices.
Please note, however, that Atlanta’s prices are now trending rather solidly up after cratering over the winter.
A graph and chart showing both general and city-specific trends:
As I’ve noted recently in a City Talk column, it appears that Savannah metro home prices have bottomed too.
The data here are not adjusted for seasonality, so we could see much softer numbers in the coming months. That won’t be a cause for alarm.