November 2012 Case-Shiller Home Price Indices showed home prices rose 4.5% for the 10-City Composite and 5.5% for the 20-City Composite in the 12 months ending in November 2012.

In the 12 months ended in November, prices rose in 19 of the 20 cities and fell in New York. In 19 cities prices rose faster in the 12 months to November than in the 12 months to October; Cleveland prices rose at the same pace in both time periods. Phoenix led with the fastest price rise – up 22.8% in 12 months as it posted its seventh consecutive month of double-digit annual returns.

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Source:
Dave Guarino & David Blitzer
S&P Dow Jones Indices, January 29, 2013
www.spindices.com

Category: Data Analysis, Real Estate

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

13 Responses to “Case-Shiller: Home Prices Rose November 2012”

  1. VennData says:

    “I don’t believe this. None of my friend’s houses have gone up.”

    – Jack Welch.

  2. Petey Wheatstraw says:

    Is this a good thing, or a bad thing?

  3. Concerned Neighbour says:

    My underlying belief is that Fed funny money and their sundry algorithms will send this “market” to the moon regardless of what happens to fundamentals. If fundamentals actually do improve, it could be on the way to Mars. Of course, AMZN will then be trading at 20,000,000 P/E, but those that would care about such trivial things no longer have any influence in the face of Ben’s bazooka.

  4. NoKidding says:

    DC the biggest gainer, Detroit the biggest loser.
    Theres a message in that data.

  5. BennyProfane says:

    So, the most ridiculous thing I heard today is that, since Detroit is bouncing out of the gutter a little, that is proof positive that manufacturing is coming back.

  6. Hammer of Thor says:

    Chart 1 makes it look like housing is really bouncing back, while charts 2 and 3 point to a more tepid recovery.

    Looks more like we’re just bouncing along the bottom.

  7. AnnaLee says:

    Well, Petey, I must admit I think the same as I did years ago as I watched houses go up faster than greased lighting. My short description of my “feelings” is – housing cannot be worth more than the people in the vicinity of the houses are ABLE to pay. I live in what would be considered a bottom end “starter” house – 1130 sq ft and two bedrooms, 1 1/2 bath. It is still overpriced relative to the income of a person that might consider the house. If houses go up, we either go back to funny loans or create “wetlands” where houses used to be. I wonder if it might have been better in the long run just to let them drop as much as they wanted and did something different about the funny loan and under water situations.

  8. Angryman1 says:

    Prices are actually to low in most of the country. Wipe out the stupidly built “McMansion” stuff, you have a underbuilt and to low of price RE market. These things will never be sold. When the money comes in, they will be torn down and mothballed, then replaced by you know, affordable housing. Hence, prices are down further than you may think.

    I think for housing bears, this might be tough to take. It really shows how intense greed leads toward market failure. This didn’t start in 2003 either, but poor decision going back to the 80′s in home building.

    My house was 75,000 at the top, now is 49,000………lower than it was 25 years ago.

  9. VennData says:

    GDP was dropping by 10% when Obama took office, we’re not “bouncing along the bottom.” Laughable.

    The “Bottom” is way, way below where we are with this $15T economy.

  10. BuildingCom says:

    Don’t be silly angryman1.

    Housing prices are still at the grossly inflated levels of 2004….. and falling.

    And your house is worth less today because *houses depreciate*.

  11. The median national price for Existing Homes was $177k in 2012, $11k more than the 2011 trough. Existing Home price is ending the year precisely on the long term Price/Family-Income trend line. In short, prices have resumed their secular uptrend and are presently at equilibrium.

    The more impressive story is that the median national price for New Homes was $244k, $27k above the 2009 trough and a mere $4k under the 2007 record. As mentioned last Summer, there is no doubt a new high will be set in 2013. Present prices are 5% ($11k) above the long term P/FI trend line.

    Realty Bubble Monitor: http://trendlines.ca/free/economics/RealtyBubbleMonitor/RealtyBubbleMonitor.htm

  12. BuildingCom says:

    Considering housing prices showed back to back month to month declines per Case Shiller, you’re not telling the whole story “Freddy”.

  13. nijoani says:

    Barry, I am using your report ” Is Residential Real Estate Worse than During Depression?” in a court motion I need to know something about your references for that article. In other words, the court deals with facts and presumably the information you provided about depression era real estate is reliable? I would greatly appreciate a statement regarding the reliability of your information on that article.
    Nick Andrade nijoani-at-yahoo.com

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    BR: Hi Nick

    Here are all of the sources cited in the post:

    [1] media outlet: http://www.google.com/search?q=%22Worse+than+the+Great+Depression!%22&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a
    [2] hypothesized: http://www.econ.yale.edu/~shiller/data.htm
    [3] Irrational Exuberence: http://www.amazon.com/exec/obidos/ASIN/0767923634/thebigpictu09-20
    [4] this one: http://www.multpl.com/case-shiller-home-price-index-inflation-adjusted/
    [5] Census Bureau: http://www.census.gov/hhes/www/housing/census/historic/owner.html
    [6] BLS: http://www.bls.gov/news.release/empsit.toc.htm
    [7] BEA: http://www.bea.gov/national/index.htm#gdp
    [8] Estate Prices During the Roaring Twenties and the Great Depression: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1470448
    [9] forecast back in 2005: http://www.ritholtz.com/blog/2005/05/dont-buy-housing-bubble-propaganda/

    Hope this helps . . .