The S&P/Case-Shiller Home Price Indices for July is out (there's always a 2 month lag time), and home prices are at September, 2001 levels. The Case-Shiller Index is the leading source for monitoring home prices.
The Chairman of the Index Committee at S&P Dow Jones Indices states: "The news on home prices in this report confirm recent good news about housing. Single family housing starts are well ahead of last year’s pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing. All in all, we are more optimistic about housing. Upbeat trends continue. For the third time in a row, all 20 cities and both Composites had monthly gains. Stronger housing numbers are a positive factor for other measures including consumer confidence."
Good to see that while home prices are back where they were over 10 years ago, at least they're back on the upswing!
Filed under: Housing Market News