Home prices rose during the second quarter of this year, according to the latest data from the S&P/Case-Shiller Home Price Indices.
All three of the S&P/Case-Shiller composites ended the second quarter with positive annual growth rates for the first time since summer 2010. The national composite was up 1.2% in the second quarter of this year versus the second quarter of 2011, and it was also up 6.9% versus the first quarter of this year. The 10- and 20-city composites posted respective annual returns of 0.1% and 0.5% in June 2012. Month-over-month, the 10-city composite was up 2.2%, and the 20-city composite was up 2.3%.
For the second consecutive month, all 20 cities and both composites recorded positive monthly gains. Eighteen of the 20 metropolitan areas and both composites posted better annual returns in June as compared to May, with only Charlotte, N.C., and Dallas recording deceleration in their annual rates.
In June, Detroit recorded the highest monthly increase at 6% over its May level. In terms of annual rates of change, Phoenix had the highest, up 13.9%, and Atlanta had the lowest, down 12.1%, versus June 2011.
‘There were only six cities – Atlanta, Chicago, Las Vegas, Los Angeles, New York and San Diego – where the annual rates of change were still negative,’ says David M. Blitzer, chairman of the index committee at S&P. ‘Boston's annual rate was flat. We seem to be witnessing exactly what we needed for a sustained recovery: monthly increases coupled with improving annual rates of change. The market may have finally turned around.’