It’s a sellers market for residential real estate as home values continue to climb, according to S&P/Case-Shiller.
Home sale prices increased by 5.1 percent on average over the past year in 20 large metropolitan areas, according to the data released Monday. The index tracks housing prices in 20 cities, but does not include all metropolitan areas in the United States. It omits such places as Houston and Philadelphia.
“Home prices continue to climb at a 4 percent to 5 percent annual rate across the country,” says David M. Blitzer, managing director and chairman of the Index Committee for S&P Dow Jones Indices. “Housing starts topped an annual rate of 1.2 million units in the latest report with continuing strength in both single family homes and apartments.”
The 20 cities in the index are listed below, in ascending order, along with the percentage of increase in sale prices.
New York, 1.8%