Home prices rise for eighth month in September: S&P
November 28, 2012 1:35 AM EST
Single-family home prices rose in September for an eighth straight month in a further sign that the housing market is on the mend, a closely watched survey showed on Tuesday.
The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.4 percent in September on a seasonally adjusted basis, in line with economists' forecasts.
The index's eighth month of gains on a seasonally adjusted basis is the longest since prices bounced in 2009 after the government unleashed stimulus measures following the market's collapse the previous year.
"This is the positive trend that prices have been on for the past year. The housing sector continues to recover," said Peter Hooper, global chief economist at Deutsche Bank.
Prices in the 20 cities rose 3.0 percent year over year, just topping expectations for a rise of 2.9 percent.
"In September's report all three headline composites and 17 of the 20 cities gained over their levels of a year ago," David Blitzer, chairman of the index committee at Standard & Poor's, said in a statement.
(Reporting by Edward Krudy; Additional reporting by Ellen Freilich; Editing by James Dalgleish)
Most Popular Slideshows
- Celebrities Who Were Victims of Rape: Psychological and Physical Effects of Rape
- Still The World Champions: Team USA Overpowers Serbia, 129-92 To Win 2014 FIBA World Cup [PHOTOS]
- Kanye West, Ben Affleck, Serena Williams Are Victims Of Migraines: Ways To Tackle It
- Men’s Tennis’ Grand Slam Winners Of 2014 – Wawrinka, Nadal, Djokovic, and Cilic
Join the Conversation
- iPhone 6 vs iPhone 6 Plus vs Galaxy S5 and HTC One M8: Performance, CPU and Health
- Google Android Lion vs Apple iOS 8: Why Make the Big Switch
- Samsung Galaxy Note 4 vs. OnePlus One – Can The Underdog Trump The Monster?
- iPhone 6 And IPhone 6 Plus Sold Out, New Stocks To Arrive In October
- iPhone 6 And iPhone 6 Plus Shipping Has Begun, Expected To Reach Customers’ Doorstep On Sept 19 Launch Date
- Australia's Imam Council Rebuffs Abbott Decision To Send Troops; Wants 'Islamic' Dropped From ISIS
- Moto G (Gen 2) vs. Xiaomi Redmi 1S—Specifications, Features And Price Showdown