Case Shiller Index Shows 20 City Composite Up 4.6% – San Francisco, San Diego and Minneapolis Lead in Home Price Increase
Posted on | July 27, 2010 | No Comments
The Case Shiller Index released data this morning that showed a 4.6% year over year increase in the 20 city composite. Of the 20 cities, seven saw a decline in year of year home prices while 13 cities saw an increase. The cities seeing double digit gains include San Francisco, San Diego and Minneapolis.
San Francisco saw a gain of 18.3% while San Diego and Minneapolis saw gains of 12.4% and 11.6% respectively. Many analysts and economists continue to point out that the gains seen in May 2010 could be the result of many first time home buyers to were under contract by April 30, 2010.
Now that the first time home buyer tax credit has expired and those buyers are out of the market it will be very interesting to see how home prices adjust going forward. When Robert Shiller was asked what he thinks about home prices in the future he said he is using the “wait and see” method as his is not confident in a movement in one direction or the other.
Author: Mike Garner
Comments
Leave a Reply