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According to the Standard & Poor’s/Case-Shiller index released Tuesday, home prices increased in August in half of the 20 metro areas covered by the survey. This marks the fifth straight month that at least half the metro areas covered by the survey have shown price appreciation.
Home prices increased the most in Washington (thanks to government spending), Chicago and Detroit. The biggest price declines were found in Atlanta and Los Angeles. The heavily hit Midwest cities have seen the biggest price resurgence dating back to May – a good sign that manufacturing may be rebounding.
Though home prices were up in many areas, taken as a whole, national home prices remain relatively flat and even down when compared year over year.
Even with home prices in many areas at their lowest points since the downturn began and mortgage rates at historical lows, buyers are still reluctant to purchase homes. Political and economic uncertainty continue to have consumers spooked. Sales of previously owned homes are on track for the lowest figure in recorded history and short sales and foreclosures continue to drive prices lower.