September numbers were released by the S&P/Case Shiller Home Price Index Committee. US home prices have risen for the past six months in 13 of the 20 cities measured. Chairman Blitzer of the committee explained that, “With six months of consistently rising home prices, it is safe to say that we are now in the midst of a recovery in the housing market.” The national composite has increased 3.6% in the third quarter from the numbers in 2011. 10 and 20 city composites reported increases by 2.1 percent and 3 percent respectively, and Detroit and Washington DC were the only major cities to experience a decrease.
Boston, Chicago, Cleveland, and New York reported decreases in home prices from the period of August to September of the other cities. Blitzer predicts that the market will enter a slow period during the holidays due to vacation and also expects there to be more information available because the indices are not adjusted for seasons. In Miami, we have experienced incredible gains in the home prices and have very little inventory, so there is no sign of any slow in home prices. Additionally, people are expressly coming on vacation to South Florida, which increases the number of home buyers in the area. If you are looking to sell your home, please contact us today!