Home prices continued their recovery, rising 8.1%, according to a closely-watched reading released Tuesday, although a separate report showed a slight slowdown in new-home sales.
The S&P Case-Shiller index, which tracks prices across the 20 largest markets in the nation, showed the rise in January was the biggest year-over-year gain in prices since June 2006.
“This marks the highest increase since the housing bubble burst,” said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.
In a separate government report Tuesday, new homes sold at a 411,000 annual rate in February, down nearly 5% from the January sales pace but up 12% from year-earlier levels. The typical price of a new home sold in the month was $246,800, up about 3% from both the January and year-earlier median price.
The Case-Shiller report shows the recovery in home prices is widespread. All 20 markets posted a year-over-year gain in home values, and the pace of increase picked up in every market except Detroit. READ MORE …
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Media Contact: Barton Horowitz