Home Prices - 6/6/14
New data from the Standard & Poor’s/Case Shiller national home price index indicate that home prices remain below peak levels in most large American cities. Of the 20 cities tracked by the index, 18 cities are associated with home prices still below peak prices achieved during the housing bubble. Only two cities, Denver and Dallas, have fully recovered in terms of home prices.
But many analysts say that prices observed during the height of the bubble should not be considered a benchmark. According to writer Shaila Dewan, compared with March 2004, a decade ago, home prices in 14 of 20 cities are now higher. According to CoreLogic, 4 million families regained some equity in their homes last year.
Moreover, the Case Shiller measure indicates that prices have risen approximately 10.3 percent over the past year, including price increases of 21 percent in both Las Vegas and San Francisco and a 19 percent increase in San Diego. Of the 20 cities that Case-Shiller tracks individually, all reported double-digit increases last year except Boston, Charlotte, Cleveland, Denver, New York and Washington, which all recorded single digit increases.