Top U.S. markets
1) Phoenix, 13 months
2) San Diego, 9 months
3) Las Vegas, 8 months
4) Los Angeles, 8 months
5) San Francisco, 8 months
6) Denver, 7 months
7) Detroit, 6 months
Ranked by most consecutive months of home-price increases.
Source: S&P/Case-Shiller Home Price Index
Home prices in San Diego County have risen nine straight months, ranking the local market second nationally for most consecutive months of price increases in 2012, said a leading housing report released Wednesday.
Phoenix, where prices rose 13 straight months and foreclosures have waned, beat out San Diego for the top spot, based on data from the S&P/Case-Shiller Home Price Index, which tracks 20 major areas in the country.
"Phoenix went through a real difficult time where their values really, really went down, but it's certainly been rebounding" said Donna Sanfilippo, president of the San Diego Association of Realtors. "San Diego, being a steadier market, placing No. 2 in rebounding shows that we're leading our area after what has been a couple of rough years."
San Diego home prices rose 1.3 percent from September to October, marking the ninth straight month of increases, based on the report, which has a two-month lag. When comparing October to the same time last year, prices went up 6 percent, the biggest year-over-year increase for an October in seven years.
Phoenix and Detroit saw the largest year-over-year jumps in home prices in October, 21.7 percent and 10 percent, respectively.
David M. Blitzer, who chairs the index committee at S&P Dow Jones Indices, said we're continuing to see encouraging signs in the housing market, especially in certain parts of the nation.
“Looking over this report, and considering other data on housing starts and sales, it is clear that the housing recovery is gathering strength," Blitzer said.
"Higher year-over-year price gains plus strong performances in the southwest and California, regions that suffered during the housing bust, confirm that housing is now contributing to the economy," Blitzer added. "Last week’s final revision to third quarter GDP growth showed that housing represented 10% of the growth while accounting for less than 3% of GDP."
The report showed areas like Detroit, among the worst price performers in 2011, saw the biggest price rebound this year from its recession-time trough, at 24 percent. San Diego prices have risen about 12 percent since its lowest point, recorded in April 2009, Case-Shiller numbers show.
Twelve of the 20 areas in the index saw price drops from September to October but that's expected, Blitzer said, because historically prices tend to fall during the autumn. On a year-ago basis, only two of the 20 cities posted a price drop.
courtesy of: http://www.utsandiego.com/news
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