February data released
Today’s Standard & Poor’s Case-Shiller Home Price Indices bring mixed news. S&P analyzes a 10-city and 20-city composite as an indicator of national home price rates which as of February shows that overall, home prices in America are up with the 10-city rising 1.4% over February 2009 and the 20-city rising 0.6% in the same time.
Where it gets mixed up is that despite this being the first time since 2006 that the annual rates of change for both composites are positive, more than half of the cities in the larger composite experienced price declines.
According to Barron’s, “homebuilders were mixed on the news, with Toll Brothers (TOL) down 14 cents, or 0.6%, at $22.65, and Pulte Homes (PHM) up 48 cents, or 4%, at $13.52.”
Economist Scott Grannis points to recent numbers as news of hitting the bottom in real estate. Grannis said, “the resulting picture becomes quite clear: The great housing market bust is over, and a new growth cycle is underway.”
Case-Shiller data graphed:
Click any image to enlarge.
CC Licensed image courtesy of ceekay via Flickr.com.