A trio of western cities leads the way for 12-month home value growth
A Case-Shiller 20-city composite of home values in some of the top metropolitan areas revealed an average of 5.7 percent growth over a 12-month period. But on a city-by-city basis, for both the month of December and for the entire year, the numbers had a much larger range of variation, reports MarketWatch.
Exactly half of the 20 cities in the composite experienced increases in home values in December with Tampa leading the way with a 0.9 percent increase in the final month of the year. Chicago and Minneapolis regressed the most in December, each posting a -0.4 percent monthly change.
For the year, Portland, San Francisco, and Denver saw the biggest increases at 11.4 percent, 10.3 percent, and 10.2 percent respectively. Washington, D.C. had the smallest 12-month change at 1.7 percent. However, prices in D.C. have climbed 27 percent from their low point in 2009. Detroit, on the other hand, sits at just 3.7 percent above its 2000 home value levels.
Overall, home prices are where they were in winter 2007 and, since March 2012, this 20-city composite has seen a 36.3 percent recovery.