The S&P/Case-Shiller home price index for 20 major U.S. cities, released Tuesday, showed a 0.3 percent rise in September, and was widely hailed as an indicator that the housing market is in comeback mode. It was the sixth consecutive monthly increase, and the eighth straight consecutive monthly increase in single-family home prices.
“with six months of consistently rising home prices, it is safe so say that we are now in the midst of a recovery in the housing market,” said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.
Increases on the West Coast, Midwest, and East Coast indicate a healthy rising trend in the market. Arizona’s housing market is front and center in the recovery. Phoenix, an area that was one of the hardest hit in the housing bust, saw a rise of 1.1 percent in August, and a 20.4 percent increase since September 2011, which is well above the national average.
The eight consecutive months of increases in single-family home prices is the longest since the President’s stimulus package was signed into law in 2009, and proves that the housing market is able to thrive without government assistance – a good sign that a stronger market is around the corner.
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