By Kerri Ann Panchuk
Home prices in the second quarter gained across all headline composite indices measured in the latest Standard & Poor's/Case-Shiller report.
This is the first time all three headline composites studied by S&P have reported positive annual growth simultaneously since the summer of 2010.
"This is a clear sign we've turned around," said David Blitzer, managing director and chairman of Standard & Poor's Index Committee in an interview on CNBC.
The national composite for U.S. home prices rose 1.2% from last year in the second quarter and grew 6.9% from the first quarter of 2012.
The 10-city composite index, meanwhile, edged up 0.1% over year ago levels while the 20-City composite grew 0.5%.
Home prices in the 10-city composite rose 2.2% from May to June while the 20-city composite increased 2.3% during the same period.
All 20 cities studied by S&P Dow Jones reported positive price gains for the second consecutive month in a row. Only Charlotte and Dallas saw a deceleration in annual gains during June, while 18 of 20 metro areas posted better price returns over last year.
"There were only six cities – Atlanta, Chicago, Las Vegas, Los Angeles, New York and San Diego – where the annual rates of change were still negative," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices. "Boston's annual rate was flat. We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change. The market may have finally turned around."
Detroit's home prices rose the most from May to June, increasing 6% while Charlotte grew the least with prices up only 1% over the previous month.
"We are aware that we are in the middle of a seasonal buying period, but the combined positive news coming from both monthly and annual rates of change in home prices bode well for the housing market," concluded Blitzer.
URL to original article: http://www.housingwire.com/news/sp-case-shiller-home-prices-across-board
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