The new Case-Shiller Housing Index report shows 12 cities around the U.S. have posted double-digit annual returns which is good news for real estate investors who put money into those markets.
Also in the report is data showing national home prices are back to mid-2004 levels and only 20% below the peak of June/July 2006.
“The increase in house prices already seen is bringing hesitant and previously sidelined sellers back to the market, helping to drive a loosening in supply conditions,” Paul Diggle at Capital Economics told the Wall Street Journal. “Meanwhile, the recent sales activity data have come in fairly weak, which will further add to the loosening in the balance between supply and demand.”
The top cities in the index posting 10% or more in growth in housing prices the past year were Las Vegas, 29.1%, Los Angeles, 21.8%, Atlanta, 18.7%, Phoenix, 18.6%, Detroit, 17.2%, Miami, 14.3%, Portland, 13.5%, Minneapolis, 10.1%
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