Home prices rise in September
Housing continues recovery
The U.S. experienced further growth in home prices in September, with more growth forecasted in the near future, Clear Capital said in a recent report.
According to Clear Capital’s Home Data Index™ (HDI) Market Report, national home prices grew 3.6 percent in September on a yearly basis, and an additional 2.2 percent gain is predicted through winter.
“While housing continued to make progress in September, we’ve turned our focus to the impending fiscal cliff,” Dr. Alex Villacorta, Director of Research and Analytics at Clear Capital, said in a statement. “With forecasted gains of 2.2% over the next six months, the threat of the fiscal cliff could throw a wrench into the recovery.”
According to Clear Capital, this “fiscal cliff” uncertainty could potentially thwart the positive momentum seen in the housing market, as “consumer sentiment is key to housing market progress.”
“If the cliff is avoided, we still run the risk of damaging confidence with a resolution pushed against year-end deadlines,” Villacorta said. “Confidence is key to turning the recovery’s near term sprint into a marathon. The sooner businesses and consumers are reassured, the more likely they are to build, purchase, or loan on a house.”
All regions show yearly growth
September data showed growth in all four major U.S. regions, Clear Capital reported.
The West led the way with 3.7 percent quarterly growth and 9.4 percent yearly growth in home prices. The South experienced 1.3 percent growth quarter-over-quarter and is up 3.2 percent on a yearly basis.
Home prices in the Midwest were up 1.9 percent quarter-over-quarter and 1.5 percent year-over-year, while prices in the Northeast showed modest gains of 0.2 percent quarterly and 0.9 percent yearly.