The S&P/Case-Shiller index of property values increased 5 per cent from February 2014, the biggest year-to-year gain since August, after rising 4.5 per cent in the year ended in January, the group said Tuesday in New York.
As well, the Federal Housing Finance Agency (FHFA) Aprill 22 released the House Price Index data for February, 2015. House price appreciation has been volatile but averaged approximately 5 per cent from 1991 to 2003 prior to the housing boom. Appreciation accelerated after 2003 and house prices rose rapidly through 2005 with annual growth of reaching 10 per cent.
Since turning positive house price growth rates have recovered returning to the roughly 5 per cent average that was the norm before the boom.
House Prices US
Back to the S&P/Case-Shiller National Home Price Index, which tracks all nine Census divisions, while price growth across the nation slowed overall, collectively the major American cities saw their prices accelerate. An index tracking single-family home prices in 20 major US cities gained an annual 4.8 per cent in February, up from a 4.3 per cent increase in January; a separate index tracking 10 cities gained 5 per cent in February, compared to 4.5 per cent in January.
The Index has witnessed 34 straight months of year-over-year gains, while all 20 cities have shown year-over-year gains every month since the end of 2012. In February the National Index increased by 0.1% on a month-over-month basis.
Groundbreakings on new homes rose just 2 per cent in March compared to February, and were 2.5 per cent below the level in March 2014. Sales of previously-owned homes hit its highest level in 18 months in March as inventory eased.
Measured from their June/July 2006 peaks, the peak-to-current decline for both the 10- and 20-city measures is approximately 15-17 per cent.
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