Metropolitan housing prices rose to a new high

Metropolitan housing prices rose to a new high The annual increase in U.S. urban housing prices in September hit a new high since July 2010, showing that the recovery of the housing market is the source of the strength of the U.S. economy...

The annual increase in U.S. urban home prices in September hit the highest level since July 2010, indicating that the recovery of the housing market is one of the sources of strength in the U.S. economy.

The S&P/Case-Shiller home price index, which tracks 20 metropolitan areas across the United States, climbed 3% from September last year, up from 2% in August and in line with the median forecast of 29 economists polled by Bloomberg Intelligence. House prices rose 3.6% year-on-year in the third quarter, the largest increase since the second quarter of 2010.

David Blitzer, chairman of the S&P Index Committee, said in a statement, "House prices have been rising steadily for six consecutive months, and it can be said that we are now in a housing market recovery period."

The improvement in the labor market and the historically low mortgage interest rates have helped support the demand for home purchases in the housing market, and have also contributed to the growing optimism in the construction industry. At the same time, the monetary easing measures continued to be promoted by Federal Reserve policymakers have also become the pillar of the recovery of the U.S. housing market and economic expansion.

Kevin Cummins, an economist at UBS Securities in Connecticut, said before the report was released that as employment picks up, "you can see the impact on family situations and people becoming a little more affluent and willing to go out and test the water temperature. The indirect effects of price stability and rising house prices are spreading to spending and broader confidence."

Estimates compiled by Bloomberg Intelligence ranged from a gain of 2.2% to 3.6%. The S&P/Case-Shiller index is based on the three-month average price, which means that the data in September will be affected by the buying and selling in July and August.

This report also contains quarterly national data. House prices nationwide rose 3.6% in the third quarter compared with the same period last year, which was better than the 1.6% increase in the second quarter. Without seasonal adjustment, U.S. home prices rose 2.2% from the previous quarter, but when seasonal changes are taken into account, home prices rose 1.1% quarter-to-quarter.

If seasonal changes are adjusted, house prices increased by 0.4% in September compared with the previous month, with 18 of the 20 metropolitan areas showing increases. Atlanta and San Diego both rose 1.7%, Chicago prices fell 0.7% and Tempa, Florida, was flat. Unadjusted home prices rose 0.3% monthly.

18 of the 20 cities in the index experienced annual growth, led by Phoenix, which rose 20.4%. Home prices in New York and Chicago are both lower than this time last year. The year-over-year record began in 2001. For more information about real estate, please contact Tinna of Goldtrust Realty (480)287-0180 E-mail:Goldtrustrealty2010@gmail.com