S&P Index: U.S. housing prices returned to 2007 levels

S&P Index: U.S. housing prices returned to 2007 levels The latest S&P Cas-Shiller Index shows that the composite index, which marks the price of the US housing market, has rebounded...

The latest S&P Cass-Shiller Index shows that the composite index, which marks the price of the US housing market, has rebounded to the level in the winter of 2007 before the housing market collapsed.

According to the latest Cass-Shiller Index, the house price index rose in September to the highest level in more than three years. Data over the past 12 months showed that the national house price index increased by 6.2% annually, the highest annual increase since June 2014. At the same time, the annual growth rate of the 10-city composite index was 5.7%, and the annual growth rate of the 20-city composite index was 6.2%.

Seattle, Las Vegas and San Diego had the highest home price growth among the 20 cities. In September, Seattle led the way with annual price growth of 12.9%, followed by Las Vegas at 9.0% and San Diego at 8.2%.

"Housing prices across the country continue to rise, with S&P Rawjack's Cass-Shiller National Index rising at its fastest annual rate since June 2014." David Blitzer, Chairman of the Committee on S&P Dow Jones Indices Blitzer said: "House prices in all 20 cities tracked by the index are higher compared with the same period last year. Annual price growth is accelerating in 16 cities. The strength is still in the Western cities, with the smallest growth in Atlanta, New York, Miami, Chicago and Washington."

Blitzer said, Most economic indicators show that housing prices may rise further, including mortgage interest, housing inventory, unemployment rate, inflation rate, etc., but this will bring about affordability issues. "Rising prices mean that some people will be squeezed out of the market."

S&P Laojack's Cass-Shiller National Home Price Index (S&P CoreLogic Case-Shiller) covers all nine U.S. census tracts and is the primary measure of U.S. housing prices.