Case-Shiller Index: Phoenix home prices rise
Aug 25th, 2009 by Vinny
This is always good to hear, but if you are involved in real estate at all in Phoenix you know we have been on the upswing since April!
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Annual home price declines in Phoenix continue to be among the worst in the nation, but home prices rose 1.1 percent in the second quarter.
The latest S&P/Case-Shiller Home Price Index finds that Phoenix home values are down 31.6 percent from a year ago. Among the 20 largest cities in the nation, only Las Vegas had a steeper drop.
But that good news is that from the first quarter to second quarter of this year, home values in Phoenix rose 1.1 percent.
Cleveland had the greatest month-to-month home price rise in June, 4.2 percent, followed by San Francisco (3.8 percent), Minneapolis (3.1 percent), Washington (2.8 percent), Dallas (2.7 percent) and Boston (2.6 percent).
Two cities had month-to-month price declines: Las Vegas (down 2 percent) and Detroit (down 0.8 percent).
None of the 20 cities had a price increase over the year.
In fact, home prices plummeted 32.4 percent in Las Vegas between June 2008 and June 2009, the index showed. Other big year-over-year losers were Detroit (down 25 percent), Miami (down 23.4 percent) and San Francisco (down 22 percent).
The index also reported changes for all 20 cities for the second quarter of 2009, saying prices rose an average 2.9 percent from the previous quarter. That’s a vast improvement from the 7.4 percent price decline reported between Q4 2008 and Q1 2009.
Second-quarter prices in the 20 cities fell an average 14.9 percent from the year-ago quarter.
Nationwide, “we’re seeing some positive signs,” David Blitzer, chairman of the Index Committee at Standard & Poor’s, said in a statement. “… This is the first time we have seen a positive quarter-over-quarter [price improvement] in three years.”
The index is compiled by comparing matched-price pairs for thousands of single-family homes in each market.
Case-Shiller Index: Phoenix home prices rise – Phoenix Business Journal:.
