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Housing Prices Creep Up

Posted by: RateAPY Bank Rates News
October 27th, 2009

Housing prices increased in August for the third straight month, according to the latest Standard & Poor’s Case-Shiller home price index, which tracks housing markets in 20 major cities.

Seasonally adjusted median home prices were up 1% in August over the previous month, following a 1.2% increase in July over June.

“I think we have reached some kind of bottom,” David Blitzer, chairman of S&P’s Index Committee, told the Los Angeles Times.

Only three of the cities tracked showed a month-to-month decrease in August: Las Vegas, Charlotte, N.C., and Cleveland, Ohio. Las Vegas also posted the biggest drop over last year with an almost 30% year-over-year price decline.

Home Price Declines Slowing

Year-over-year prices were down 11.3% in August, but that decline was less steep than in previous months. The index shows prices are the same level before the housing market took off in 2003.

If you’re looking to take advantage of today’s bottomed-out prices, research current mortgage rates to find the best deal on a home loan.