“Real estate professionals around the country have been reporting to RISMedia for several weeks how their marketplaces have been recovering, including the rise in housing prices as well as continued consumer interest in housing,” said John Featherston, CEO and Publisher of RISMedia. “Today’s S&P/Case-Shiller home price index report illustrates the extent of the housing recovery to date and validates what so many local and regional brokerage leaders have been reporting. RISMedia’s CEO Exchange, the annual independent think-tank conference for real estate brokerage owners will be examining this trend as well other issues affecting the residential real estate industry.”
Commenting on more of today’s Case-Shiller report, Blitzer also noted that the Southwest and the West saw the strongest year-over-year gains as San Francisco home prices rose 24.5% followed by Las Vegas (+23.3%) and Phoenix (+20.6%). New York (+3.3%), Cleveland (+3.4%) and Washington D.C. (+6.5%) were the weakest.
Monthly numbers before seasonal adjustment showed all 20 cities experienced rising prices. San Francisco (+4.3%), Chicago (+3.7%) and Atlanta (+3.4%) were the leaders. However, two cities – Cleveland and Minneapolis were down slightly after seasonal adjustment.
“The overall report points to some shifts among various markets: Washington D.C. is no longer the standout leader and the eastern Sunbelt cities, Miami and Tampa, are lagging behind their western counterparts,” Blitzer said.
