Prices Increase To Highest Level Since July 2006
According to the latest data from the S&P CoreLogic Case-Shiller US National Home Price index, US home prices continued to rise in September. The Wall Street Journal reported that US home prices have exceeded the record reached more than a decade ago, marking the end of the housing market’s worst period since the Great Depression. According to the report released Tuesday, the average home price for September was 0.1% above the peak in July 2006. The AP reported that US home prices “have fully recovered from their steep plunge during the housing bust and Great Recession,” according to the index. The article says the milestone “comes after more than four years of steady gains.” Seattle, Portland, and Denver reported “the largest annual gains in September for the eighth straight month.” S&P Dow Jones Indices Managing Director David Blitzer is quoted saying the new peak set by the index “will be seen as marking a shift from the housing recovery to the hoped-for start of a new advance.” CNBC reported that prices “were 5.5 percent higher than September of 2015, up from the 5.1 percent annual gain in August,” according to the index, which has “now surpassed its previous peak of July 2006.” The nation’s 20 largest cities “reported a 5.1 percent annual gain, unchanged from August.”
What This Means For Small Businesses
Small businesses are looking for indications that the general health of the US economy is improving. News that the troubled housing market is seeing a recovery in terms of housing prices is a positive signal that US consumers are looking to invest more in the sector.
Additional Reading
Money and the Palm Beach (FL) Post also reported on the latest housing price data.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.
