S&P-Shiller 20-city index that was showed on Tuesday, indicated that the nation recorded highest gain when the home prices in the Seattle metro area jumped in December.
After the seasonal fluctuation are cared for, existing single family average price shot by 1.2% in counties like Snohomish, pierce and King from November. Which was twice 0.5% of October.
S&P Dow Jones indices, showed that, Seattle area home prices was averagely higher by 6.6% in December. From 2005, in King county, these was the Busiest December due to flurry of single family sale of home.
There annual gain was4.5% as per 20-city index.
The cities that were indexed showed again over the year and on seasonal basis. Of all the 20 metros, the strongest was Denver with 1.45 increase. Seattle, Detroit and San Francisco recorded 1.2% gain with 0.4% being the lowest by San Diego.
Stan Humphries, Chief economist though views the housing market to have not reached the normal standards.
But the housing market hasn’t returned to normal, said Chief Economist Stan Humphries.
“Anyone looking to see how far from truly ‘normal’ the market remains need look no further than the red-hot rental market,” Humphries said in a statement Tuesday.
“Widespread and rapid growth in rents, combined with stagnant wages, are keeping many would-be buyers stuck in rental housing, writing ever-larger checks to their landlords instead of saving for a down payment. Today’s renters are tomorrow’s buyers, and the longer these would-be buyers stay on the sidelines, the longer full recovery will take.”