Home prices on the rise, markets improving nationwide
Jul 31 2012 6:04PM
While higher home prices may not seem like a positive housing market factor for prospective buyers of real estate in Los Angeles County, improving prices have indicated the housing market is steadily improving.
The S&P/Case-Shiller home price index rose in May, surpassing economists' expectations, as all cities included in the report saw improvements from the previous month.
Data from the 20-city composite home price index was down 0.7 percent from this time last year, but some of the cities hit hardest by the housing market slump have been posting the greatest gains in home prices, including metropolitan areas in Florida in California.
Home prices in Los Angeles increased 2.2 percent from April to May, with the average level in May reaching $165,760.
"We have observed two consecutive months of increasing home prices and overall improvements in monthly and annual returns," says David M. Blitzer, Chairman of the index committee at S&P Dow Jones Indices. "However, we need to remember that spring and early summer are seasonally strong buying months, so this trend must continue throughout the summer and into the fall.''