Property values through the roof countrywide, S&P data reveals

Property values rocketed skyward throughout virtually all of 2012.A sure sign the housing market is improving is when home prices rise, and through the brunt of 2012, that’s just what home values did, new data reveals.Based on statistics from November 2011 through the same month last year, home prices rose 4.5 percent for the 10-city composite and by 5.5 percent for the 20-city composite, according to Standard & Poor’s/Case-Shiller Home Price Indices.The gains were not only significant but widespread. In the 20 cities analyzed, 19 of them registered home prices increases, with some of the biggest improvements coming in markets?such as?Phoenix, where values soared 23 percent?year-over-year. The only metro area to log a decline was New York City, down 1.1 percent.David Blitzer, chairman of the index committee at S&P, said no one can deny that the market is headed in a positive direction.”Housing is clearly recovering,” said Blitzer. “Prices are rising as are both new and existing home sales.”He added that many of the improvements have been so significant that they haven’t been seen in years, such as November existing-home sales finishing higher than they have in four years.While these noteworthy rallies have been relatively recent, the Houston real estate market has been in recovery mode for nearly two years. The Houston Association of Realtors indicates that a positive housing report in January will mark 20 consecutive months in which home sales have been in the black.
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