Dec. 26 - The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.7 percent in October on a seasonally adjusted basis, more than economists expected. Conway G. Gittens reports.
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The Daily Digit is 0.7%
The S&P/Case Shiller home price index of 20 metropolitan areas gained 0.7% in October on a seasonally adjusted basis.
It was more than economists expected.
Overall, prices in the 20 cities rose 4.3% year over year, with Las Vegas posting the biggest monthly rise, followed by San Diego.
Chris Christopher, director of U.S. and Global consumer economics at IHS Global Insight, says 0.7% is a pretty strong number, especially if you take seasonality into account.
SOUNDBITE: CHRIS CHRISTOPHER, DIRECTOR OF U.S. AND GLOBAL CONSUMER ECONOMICS, IHS GLOBAL INSIGHT, (ENGLISH) SAYING:
"Well, housing is almost key to the recovery process, and what we've seen in recent months with this report and the previous reports from different sources for the past few months, is that housing is getting some traction. And as people start increasing their family size, as a birth rates have sort of come up a little bit, they need to have, you know, somewhere to live, so in the future, for the next couple of years, we do think that housing should gain some traction."
Including the latest 0.7% gain in the S&P/Case Shiller index, single-family home prices rose for nine months in a row, reinforcing the view that the domestic real estate market is improving and should bolster the economy in 2013.
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