Hous­ing prices up in Septem­ber

The Myanmar Times - - International Business -

US hous­ing prices con­tin­ued to rise in Septem­ber, with solid in­creases in most ma­jor met­ro­pol­i­tan ar­eas com­pared to a year ago.

The S&P Case-Shiller Na­tional Home Price In­dex hit a record, beat­ing the pre-cri­sis 2006 peak. The in­dex jumped 5.5 per­cent com­pared to Septem­ber 2015.

Seat­tle and Port­land once again posted dou­ble-digit in­creases from a year ear­lier, while Dal­las, Den­ver, Tampa and Mi­ami also showed strong gains.

The­new peakintheNa­tion­alIn­dex “will be seen as mark­ing a shift from the hous­ing re­cov­ery to the hope­d­for start of a new ad­vance,” said David Bl­itzer, man­ag­ing di­rec­tor and chair­man of the In­dex Com­mit­tee at S&P Dow Jones In­dices.

The 20-city price in­dex in­creased 5.1pc year-on-year in Septem­ber, the same as in Au­gust and just slightly be­low an­a­lyst expectations.

While cities that ex­pe­ri­enced the big­gest booms prior to the fi­nan­cial cri­sis re­main be­low their peak price levels, seven of the 20 ma­jor cities have hit new post-re­ces­sion peaks.

Com­pared to Au­gust, the 20-city in­dex was up 0.4pc, sea­son­ally ad­justed, while the na­tional in­dex rose 0.8pc, with in­creases in all 20 cities.

The Fed­eral Re­serve is watch­ing the hous­ing mar­ket for clues to the health of the econ­omy be­fore it raises in­ter­est rates, some­thing it is widely ex­pected to do in De­cem­ber, a year af­ter the only in­crease post-re­ces­sion. Mr Bl­itzer said the signs are good. “Sales of ex­ist­ing and new homes are ris­ing and hous­ing starts at an an­nual rate of 1.3 mil­lion units are at a post-re­ces­sion peak,” he said. –

Newspapers in English

Newspapers from Myanmar

© PressReader. All rights reserved.