CASE-SHILLER BEATS: HOME PRICES RISE 9.3%
The 20-city index grew by 9.32% year-over-year, which was stronger than the 9.00% expected by economists.
Prices climbed 1.24% on a month-over-month basis, which was also much stronger than expectations for a 0.9% gain.
“Home prices continue to show solid increases across all 20 cities,” said S&P's David Blitzer. “The 10- and 20-City Composites recorded their highest annual growth rates since May 2006; seasonally adjusted monthly data show all 20 cities saw higher prices for two months in a row – the last time that happened was in early 2005.
“Despite some recent mixed economic reports for March, housing continues to be one of the brighter spots in the economy. The 2013 first quarter GDP report shows that residential investment accelerated from the 2012 fourth quarter and made a positive contribution to growth. One open question is the mix of single family and apartments; housing starts data show a larger than usual share is apartments.”
Here's a look at the 20-city breakdown:
From High Frequency Economics:
