Salient to Investors:
Home prices rose in the year ended in September by the most since July 2010 and in Q3 2012 by the most since Q2 2010. 18 of the 20 cities in the S&P/Case-Shiller Index showed a year-over-year gains, led by Phoenix. New York and Chicago posted the two decreases in values from a year earlier.
Sean Incremona at 4Cast said stabilization on the sales side is helping prices.
S&P/Case-Shiller said the year-over-year gauge provides better indications of trends in prices.
David Blitzer at S&P/Case-Shiller said that the last 6 months of consistently rising home prices evidences the recovery in the housing market.
The NAR said previously owned homes sold at the second-fastest pace in more than two years.