NEW YORK CITY-All three composites measured in the S&P/Case-Shiller Home Price Indices showed double-digit annual increases for the first three months of 2013, S&P Dow Jones Indices said Tuesday. Additionally, all 20 cities in the 20-City Composite posted year-over-year growth, led by Phoenix at 22.5%, and 15 of them showed price increases from the month prior.
For the first quarter, prices measured by the 10-City Composite rose by 10.3% YOY, while the 20-City City Composite saw a 10.9% gain. For the national composite, the YOY increase was 10.2%.
In a release, David Blitzer, chairman of the index committee at S&P Dow Jones Indices, notes that recent housing market data from other sources confirms the trends. “Housing starts and permits, sales of new homes and those of existing homes continue to trend higher,” Blitzer says. “At the same time, the larger than usual share of multifamily housing, a large number of homes still in some stage of foreclosure and buying-to-rent by investors suggest that the housing recovery is not complete.”
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