S&P/Dow Jones Indices said this morning that its Case-Shiller 10-City and 20-City Composite Indices continued to rise in May, up 2.5 percent and 2.4 percent respectively from April levels. Case-Shiller also at least partially confirmedyesterday’s data from Lender Processing Service (LPS) showing that four cities (as well as the states of Texas and Colorado) had established new peaks in housing prices in May.
Case-Shiller says that both Dallas and Denver “reached record levels surpassing their pre-financial crisis peaks set in June 2007 and August 2006. This is the first time any city has made a new all-time high.” Neither city had particularly strong annual increases in their Case-Shiller numbers; Dallas was up 7.6 percent and Denver 9.7 percent, but neither city suffered the type of price declines experienced in other southwest and western cities, thus giving them a bit of an edge in the recovery. The other two cities which LPS reported had posted new price peaks were Austin and Houston, neither of which is among the 20 cities tracked by Case Shiller.
Both the 10-City and 20-City Composites posted the best year-over-year returns since March 2006. The 10-City increased 11.8 percent from May 2012 and the 20-City was up 12.2 percent.
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Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”