Need more proof that local housing prices are firming?
San Diego County home prices are up 0.8 percent from the same month a year ago, says the much-watched Case-Shiller Home Price Index on Tuesday. It’s the first year-over-year uptick the county has seen for any month since January 2011. They rose 1.1 percent from June to July, marking six straight months of gains.
"The news on home prices in this report confirm recent good news about housing," said David M. Blitzer, who chairs the index committee at the S&P Dow Jones Indices in the report.
“Single family housing starts are well ahead of last year’s pace," he added. "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."
All 20 cities featured in the monthly index saw price increases from June to July. The Case-Shiller report said this is the third straight month that all 20 areas and both the 10-city and 20-city composites are up.
Sixteen of the cities posted year-over-year increases. The laggards were Atlanta, (-9.9 percent;) Chicago, (-0.9 percent;) Las Vegas, (-1.0 percent) and New York (-2.6 percent.)
Blitzer holds firm to the notion that recent housing numbers, which have been upbeat, signify a bigger trend.
"The positive news in both the monthly and annual rates of change in home prices over the past few months signals a possible recovery in the housing market," Blitzer said.
