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S&P/Case-Shiller Home Price Indices: Home Prices Close 2013 Up 11.3%; Home Prices Back to Mid-2004 Levels
As of December 2013, average home prices across the United States are back to their mid-2004 levels. Measured from their June/July 2006 peaks, the peak-to-current decline for both Composites is approximately 20%. The S&P/Case-Shiller National Home Price Index covers all nine U.S. census divisions.“The S&P/Case-Shiller Home Price Index ended its best year since 2005,” said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “However, gains are slowing from month-to-month and the strongest part of the recovery in home values may be over. Year-over-year values for the two monthly Composites weakened and the quarterly National Index barely improved.” In December, the 10-City Composite remained relatively unchanged while the 20-City Composite showed its second consecutive monthly decline of 0.1%.
Chicago showed its highest year-over-year return since December 1988. Dallas set a new peak and posted its largest annual gain since its inception in 2000. Denver declined 0.1% and is now 0.7% below its all-time index level high set in September 2013.
Year-over-year, the 10-City and 20-City Composites posted gains of 13.6% and 13.4% -- approximately 30 basis points lower than their November year-over-year rates.
The recovery from the March 2012 lows is 23-24% for the 10-City and 20-City Composites.