Case-Shiller Home Prices March 26, 2013 Report

26 03 2013
A new foundation is beginning to be poured.

A new foundation is beginning to be poured.

Another positive national report for housing prices from the Case-Shiller Indices in the March 26, 2013 report has been released. Now this covers the data up to the month of January 2013, so it kind of outlines information we already know.  All in all, the nation seems to be looking up, even the lagging states like New York have finally followed suit and posted some positive numbers. The annual returns of the 10-City Composite and the 20-City Composite Home Price Indices for January 2013, posted respective annual increases of 7.3% and 8.1%, and monthly increases of 0.2% and 0.1%. 

“Economic data continues to support the housing recovery. Single-family home building permits and housing starts posted double-digit year-over-year increases in February 2013. Despite a slight uptick in foreclosure filings, numbers are still down 25% year-over-year. Steady employment and low borrowing rates pushed inventories down to their lowest post-recession levels,” said David Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices.

 

One of the funny buzz words still to this day is low interest rates…we had low interest rates in 2008 when the market was falling apart too and prices and sales were both down. I think we are missing something significant in the mindset of the people in the marketplace as to what they are truly thinking. Perhaps it is the $1.4 Trillion of household wealth that has increased due to improving home prices (according to the NAR) or a more difficult factor such as consumer confidence going up?

 

Portland is ticking upward at this point each 12 month period moving forward. We did see some seasonal month-to-month declines over the winter. It had a year over year increase of 6.5% for December 2012 and January 2013 posted an increase of 8.3%.

 

That is still good news to build on for our future marketplace.

Building Toward the Future

Review the full report here: Case-Shiller March 26, 2013

–Dustin Miller

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