LA, Washington Lead the US in Home Price Growth
Home prices grew at a slower rate over the 12 months ending in January than in the previous month, according to the S&P/Case-Shiller index released today. The index began the year with a nationwide 4.5% climb, down from 4.6% last December. The 10- and 20-city indexes improved by 4.4% and 4.6%, respectively. It was the fifth straight decline for the national index when determined on an unadjusted basis.
Across the country prices rose an average 66.66% since January 2000. The biggest gains have gone to Los Angeles (126.4%); Washington, D.C. (105.9%); and San Diego (104.5%). Detroit is the only city in the 20-city index where home prices have actually fallen below January 2000 levels, with a 3.3% decline.
Housings costs are growing roughly twice as fast as wages despite gains receding from the double-digit rate seen early last year. [WSJ]
