Home Prices Climbed 3% in September

20-city index sees jump as housing recovery continues
By Newser Editors and Wire Services
Posted Nov 27, 2012 11:23 AM CST
Home Prices Climbed 3% in September
In this Wednesday, Sept. 26, 2012, file photo, a "sold" sign sits out in front of a home in Riverview, Fla.   (AP Photo/Chris O'Meara, File)

Home prices increased in September in most major US cities, more evidence of a housing recovery that is providing a lift to the fragile economy. Standard & Poor's/Case Shiller reported today that its 20-city index of home prices rose 3% in September, compared with the same month last year. Prices also gained 3.6% in the July-September quarter compared with the same quarter in 2011. Across the US, prices increased in 18 of 20 cities over the 12-month period.

In Phoenix, prices jumped 20.4% over that stretch to lead all cities. Prices in Atlanta showed a modest 0.1% increase, ending 26 straight consecutive year-over-year declines. Prices also rose in September from August in 13 cities. Five metro regions posted declines, while two were unchanged. The chairman of the Case Shiller index said that when adjusting for seasonal factors, only one city showed a decline in September vs. two in August. "Despite the seasons, housing continues to improve," he said. The S&P/Case Shiller index covers roughly half of US homes. (Read more home prices stories.)

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