A closely-watched measure of US home prices in September shot past a peak set at the height of the housing boom in 2006, as home prices across the nation continued to post steady gains that could signal that the post-recession housing market has turned a critical corner.
The S&P CoreLogic Case-Shiller national price index reported a 5.5 per cent annual gain in September, surpassing a peak set in July 2006 amid the housing boom, according to the report.
Housing prices in 20 cities posted a year-over-year gain of 5.1 per cent during September, unchanged from the previous month, the report said. Western cities Seattle, Portland and Denver notched the largest gains, with Seattle leading the way with a 11 per cent increase, closely followed by 10.9 per cent boost in Portland, Oregon.
The new national index peak “will be seen as marking a shift from the housing recovery to the hoped-for start of a new advance,” said David Blitzer, managing director and chairman of the S&P Dow Jones Indices index committee.