The latest release of S&P’s Case-Shiller indices found that home prices rose in Miami, Phoenix, and Washington, D.C., in January, according to HousingWire. In addition, 10 markets were able to marginally improve their annual return rates from the previous month. On the whole, however, home prices did go down for the month.
The news on return rates provides some optimism, as 10 markets — Dallas, Denver, Miami, Minneapolis, New York, Phoenix, San Diego, Seattle, Tampa, and Washington, D.C. — got a boost in that category. Nine other cities saw their price returns go down.
The 10-city composite index receded 3.9 percent while the 20-city composite fell 3.8 percent; put together, the index as a whole dropped 0.8 percent. Atlanta had the greatest individual drop, with prices decreasing 2.1 percent from the previous month and 19.7 percent over the previous six months.
S&P reports that eight metro areas — as well as both individual indexes — posted all-time lows in January.
To read the rest of the story, click here.
Advertisement
Related Stories
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady
Economics
NAHB CEO Tobin Says 'Housing Renaissance' on the Horizon
Responding to positive housing-related data such as falling mortgage rates and increased homebuyer activity, NAHB's CEO Jim Tobin is optimistic
