NEW YORK CITY-Residential sales prices, among the most battered of economic fundamentals during the downturn, continued rallying this spring, with S&P Dow Jones Indices reporting the biggest gains for its S&P/Case-Shiller Home Price Indices in years. Average single-family and multifamily home prices increased 11.6% and 12.1% for the 10- and 20-City Composites, respectively, in the 12 months ending in April. Month over month, the two indices rose 2.6% and 2.5%, respectively.
“The recovery is definitely broad based,” David Blitzer, chairman of the index committee at S&P Dow Jones Indices, says in a release. “The two composites showed the largest year-over-year gains in seven years,” while both composites also posted “their highest monthly gains in the history of S&P/Case-Shiller Home Price Indices.” As a result, home prices are now back at early-2004 levels, according to S&P Dow Jones Indices.