Housing market 'in the midst of a recovery' says S&P Index Committee chairman

Published: Tuesday, Nov. 27 2012 1:25 p.m. MST

A home, pictured March 20, sold inside the Winthrop subdivision in Riverview, Fla. Americans bought more previously-owned homes in April, a hopeful sign that the weak housing market is gradually improving.

Chris O'Meara, AP

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Summary

Housing market recovery is predicted as home prices continued to rise in most of the country in September, according to a report by the Standard & Poor's/Case-Shiller Home Price indices.

The report, released on Tuesday, showed housing prices have increased 2.2 percent since the last quarter. This is a 3.6 increase compared to September 2011.

"With six months of consistently rising home prices, it is safe to say that we are now in the midst of a recovery in the housing market,” said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, in a statement.

Phoenix had the greatest growth annually. Since 2011, home prices increased 20.4 percent. The study was done by observing 20 cities' home price increase or decrease. Of these 20 cities, 13 recorded positive monthly returns.

EMAIL: alovell@deseretnews.com

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