Great news to report! The numbers are in and according to S&P Case-Shiller Index, home prices at the end of January were at their highest since the housing bubble burst.
The index tracks home prices across the 20 largest housing markets in the nation and this January, the numbers were at their highest since June of 2006. As far as a year-over-year increase, prices rose 8.1%.
The best part of this report is that it shows that growth is widespread; it’s not unique to any particular area. Each of the 20 housing markets posted gains and the pace of increase was faster in every market except one.
Phoenix, Arizona, saw the biggest jump, boasting a 23% gain. New York had the smallest gain with prices only going up 0.7%. But an increase is still an increase!
While this news is encouraging for sure, we still have a lot of ground to cover. The overall index is still down just over 28% from 2006.
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