Industry data released today shows continued recovery in the U.S. housing market. Learn more about the latest real estate market trends.
National home prices realized their sixth consecutive month of gains in September and ended the third quarter of the year 3.6 percent higher than the same period in 2011, according to data released today by the S&P/Case-Shiller Home Price Indices, which track real estate market trends in the nation’s major metropolitan areas. Home prices rose 0.3 percent in September compared to August, and 2.2 percent from the second quarter to the third quarter of 2012.
Similar real estate market trends were reported today by the Federal Housing Finance Agency which tracked a 4 percent increase in home prices from the third quarter of 2011 to the third quarter of 2012. The agency’s Home Price Index, which reflects home sales price information from Fannie Mae and Freddie Mac mortgages, reported a 0.2 percent monthly gain in prices from August to September and a 1.1 percent increase from the second quarter to the third quarter of 2011.
Despite the steady gains in home values, the prevailing real estate market trends face headwinds, according to Andrew Leventis, principal economist for the FHFA. “The past year has seen consistent price increases, but a number of factors continue to affect the recovery in home prices, such as stagnant income growth, high unemployment levels, lingering uncertainty about the macroeconomy, and the large number of homes in the foreclosure pipeline,” Leventis said in a statement.
The data released today also show that real estate market trends vary significantly by region, according to David Blitzer, who chairs the Index Committee for S&P Dow Jones Indices. “Phoenix continues to lead the recovery with a 20.4 percent annual growth rate,” Blitzer said in a statement. “Atlanta has finally reversed 26 months of annual declines. With a 0.1 percent annual rate as observed in September’s housing data.”
In contrasting real estate market trends, home prices fell in Chicago and New York by 0.6 percent and 0.1 percent, respectively, for the month of September, Blitzer said. The cities were the only two metropolitan areas to post annual declines of 1.5 percent for Chicago and 2.3 percent for New York.