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...

U.S. metropolitan housing prices rose to a new high. U.S. metropolitan housing prices rose at a record annual rate in September, hitting a new high since July 2010, showing that the recovery of the housing market is one of the sources of U.S. economic strength. The S&P/Case-Shiller home price index, which tracks the nation's 20 largest metropolitan areas, climbed 3% from September last year, up from 2% in August and in line with the median forecast of 29 economists surveyed 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 improving labor market and historically low mortgage interest rates have helped support demand for home purchases and contributed to 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 gradually improves, we can see that family situations are affected and people become more affluent and are willing to go out and test the water temperature. The indirect effects of stable prices and rising home prices are spreading to spending and broader confidence? #12290; Estimates compiled by a Bloomberg Intelligence survey ranged from a rise of 2.2% to 3.6%. The S&P/Case-Shiller index is based on three-month average prices, which means that September's data will be affected by transactions in July and August. The report also includes quarterly national data. House prices across the United States 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 if seasonal changes were taken into account, home prices rose 1.1% quarter-to-quarter. Adjusting for seasonal factors, 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 Temperature, Florida, was flat. Unadjusted house prices rose 0.3% monthly. 18 of the 20 cities in the index saw year-on-year 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.