A nice improvement in single-family housing prices this February according to new data this morning.
Anyone who has even a remote connection with the outside world knew that this was happening. The real estate market where I live has been acting as though someone flipped a switch on January 1st – there are bidding wars for homes and sellers are entertaining all-cash offers, in some cases only accepting buyers who are willing to forgo an inspection!
Since market pundits have made it clear that multi-family home improvements mean nothing and single-family is all we should care about, here’s the report via Reuters:
Single-family home prices rose more than expected in February, posting their best annual rise since May 2006 in a fresh sign the housing recovery remains on track, a closely watched survey showed on Tuesday.
The S&P/Case Shiller composite index of 20 metropolitan areas gained 1.2 percent on a seasonally adjusted basis compared to January, topping forecasts for 0.9 percent.