Home prices rise by most in seven years during April
Jun 25 2013 2:15PM
Homeowners in the Los Angeles real estate market likely saw the value of their properties rise in April, with home prices increasing markedly.
The Standard & Poor's/Case-Shiller Home Price Indices revealed double-digit annual gains for both the 10- and 20-city composites. When compared to a month ago, the 10-city composite was up 2.6 percent, while the 20-city composite jumped 2.5 percent in the same period.
"The 10- and 20-City Composites posted their highest monthly gains in the history of S&P/Case-Shiller Home Price Indices," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices. "Thirteen cities posted monthly increases of over two percentage points, with San Francisco leading at 4.9 percent."
With mortgage rates on the rise in the past six of seven weeks, some feared the housing recovery could have slowed, but that hasn't been the case, Societe Generale senior U.S. economist Brian Jones told Bloomberg.
In fact, Jones said price gains are likely to continue for the next several years, which could be a good sign for homeowners in Southern California.