Home prices rose 12.2 percent nationally between May 2012 and May 2013, according to the Case-Shiller report released Tuesday morning. Between April and May, the 10 and 20-city indices rose 2.5% and 2.4%, respectively.
Case-Shiller May 2013
From the report:
““The Southwest and the West saw the strongest year-over-year gains as San Francisco home prices rose 24.5% followed by Las Vegas (+23.3%) and Phoenix (+20.6%). New York (+3.3%), Cleveland (+3.4%) and Washington DC (+6.5%) were the weakest. Monthly numbers before seasonal adjustment showed all 20 cities experienced rising prices. San Francisco (+4.3%), Chicago (+3.7%) and Atlanta (+3.4%) were the leaders.”
While the increases are notable, they should be put in perspective: home prices across the country are still about 25 percent lower than their peak in 2006.
The Case-Shiller Disclaimer
When considering the Case-Shiller findings, recall that the index is based on closed sales and home price data from several months ago. (A better indicator of where area prices stand right now is the June report from RealEstate Business Intelligence.) Another thing that is important to note is that the main index only covers single-family home prices, so co-op and condo prices are not included in the analysis that is widely reported. Chicago and New York City are two of the cities where Case-Shiller provides a separate index for condo prices, but DC does not have a similar index.
Lastly, and perhaps most importantly when considering the conclusions of the index, the area covered by Case-Shiller can only very loosely be described as the “DC area”. According to the site, the following cities are included: DC, Calvert MD, Charles MD, Frederick MD, Montgomery MD, Prince Georges MD, Alexandria City VA, Arlington VA, Clarke VA, Fairfax VA, Fairfax City VA, Falls Church City VA, Fauquier VA, Fredericksburg City VA, Loudoun VA, Manassas City VA, Manassas Park City VA, Prince William VA, Spotsylvania VA, Stafford VA, Warren VA, Jefferson WV.
This article originally published at https://dc.urbanturf.com/articles/blog/home_prices_rise_12.3_percent_nationally/7389.
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