CASE-SHILLER: Home Prices Rise 6.84% In December, The Biggest Gain Since July 2006

Manhattan aerial view, tour, AirPano

Photo: Courtesy of AirPano

The Case-Shiller home price index for December was up 6.84 per cent year-over-year (YoY), slightly above expectations for a 6.62 per cent rise.This was the biggest gain since July 2006.

On a month-over-month basis, 20-city prices were up 0.88 per cent, above expectations for a 0.65 per cent rise.

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November year-over-year home prices were revised down to a 5.44 per cent YoY rise, from 5.52 per cent. The monthly number was however revised up to 0.65 per cent, from 0.63 per cent.

19 of the 20 cities posted an annual rise in home prices, only New York saw a decline.

Here is a look at the trajectory of home prices since 1988:

December case shiller home prices

Photo: S&P Case Shiller

 
Here is a breakdown of home prices for each of the 20 cities:

case shiller home price

Photo: S&P Case Shiller

While some analysts are looking for a gradual rise in home prices. Bank of America’s Michelle Meyer projects that home prices were up 6.4 per cent in 2012, and will rise 4.7 per cent in 2013.

Meanwhile, Quinn W Eddins at RadarLogic writes that home prices will rise in a “saw-tooth pattern for a number of years”. He says for a meaningful rise, we need home prices to be driven by job growth and consumer confidence.

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