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.
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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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The Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit trade association inStaten Island, N.Y.
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically; and to promote the preservation of the public’s right to own, transfer and use real property.
Comprised of over 1,600 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.
SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS),which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 3,000 real estate transactions every year.
All SIBOR members belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).
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