Home Prices Increase Almost Everywhere
There are many gauges of U.S. home prices but the S&P Case-Shiller Indices is among the most closely followed. The index is constructed to accurately track the price path of a typical single-family home in each of the nine U.S. Census divisions. According to the most recent release, home prices are still increasing and the gains can be seen almost everywhere.
In fact, Craig J. Lazzara, managing director and global head of index investment strategy at S&P, says prices have hit all-time highs everywhere but Chicago. “The last several months have been extraordinary not only in the level of price gains, but in the consistency of gains across the country,” Lazzara said.
“Home prices in 19 of our 20 cities (all but Chicago) now stand at all-time highs, as do the National Composite and both the 10-and 20-City indices.” Fortunately for home buyers, the number of homes for sale has begun to improve and should help slow the rate of price increases in coming months.