Home prices rise for eighth month in September: S&P

NEW YORK Tue Nov 27, 2012 9:58am EST

A woman jogs by new housing construction in Darnestown, Maryland, October 23, 2012. REUTERS/Gary Cameron

A woman jogs by new housing construction in Darnestown, Maryland, October 23, 2012.

Credit: Reuters/Gary Cameron

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NEW YORK (Reuters) - 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)

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Comments (2)
Dichotomous wrote:
I’ve been looking at several real estate websites and it seems to me that the agents themselves are a large part of the problems. Inaccuracies and inattention to details cause me to skip over many listings. How can a site like HomesAndLand(.com) not give lot sizes? How can you expect to interest a buyer if the only picture of a home is a fuzzy picture of the bathroom door? How can you trust a listing that shows the lot size to be 60 acres when the same listing on another site says .09 acres? No plat maps, no boundaries, out-of-focus pictures, inaccurate information? – Do these people WANT to sell their homes or just list them?

Nov 27, 2012 10:53am EST  --  Report as abuse
Dichotomous wrote:
I’ve been looking at several real estate websites and it seems to me that the agents themselves are a large part of the problems. Inaccuracies and inattention to details cause me to skip over many listings. How can a site like HomesAndLand(.com) not give lot sizes? How can you expect to interest a buyer if the only picture of a home is a fuzzy picture of the bathroom door? How can you trust a listing that shows the lot size to be 60 acres when the same listing on another site says .09 acres? No plat maps, no boundaries, out-of-focus pictures, inaccurate information? – Do these people WANT to sell their homes or just list them?

Nov 27, 2012 10:53am EST  --  Report as abuse
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