S&P: “Average Home Prices Are Back to Spring 2004 Levels”
According to the S&P/Case-Shiller Home Price Indices, released yesterday and based on 10- and 20-city composites, home prices across the country went up between April and May, marking the best year-over-year gains since March 2006. Some cities, like Dallas and Denver, stood out in record-breaking ways by doing even better than they had been before the crisis. Other cities–Atlanta, Chicago, San Diego, San Francisco and Seattle–posted record-breaking monthly gains.
The Philadelphia metro area is not included in the S&P data (feh), but overall the trend in the Northeast isn’t terrific: Of the 20 cities indexed, New York, D.C. and Cleveland saw fewest year-over-year gains. Putting regionalism aside, the report has plenty of good news: “As of May 2013, average home prices across the United States are back to their spring 2004 levels.”
Ah, 2004, when Kelis’ milkshake was bringing the boys to the yard…for landscaping, home repair and gardening. Good times.