Home prices adjusted for seasonal variations increased 0.4 percent in September from the prior month, with 18 of 20 cities showing gains. Atlanta and San Diego showed advances of 1.7 percent. Property values dropped 0.7 percent in Chicago and were unchanged in Tampa, Florida. Unadjusted prices climbed 0.3 percent in September from the prior month.
The year-over-year gauge provides better indications of trends in prices, according to the S&P/Case-Shiller group. The panel includes Karl Case and Robert Shiller, the economists who created the index.
Eighteen of the 20 cities in the index showed a year-over- year gain, led by a 20.4 percent surge in Phoenix. New York and Chicago posted the two decreases in values from a year earlier. Year-over-year records began in 2001.
“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,” David Blitzer, chairman of the index committee, said in a statement.