US home prices rose 0.2% in Dec, 7.3% for 2012 – survey

26 February 2013 19:54  [Source: ICIS news]

HOUSTON (ICIS) – US home prices rose by 0.2% in December and 7.3% for all of 2012, a new survey reported Tuesday.

The Case-Shiller index of 10 major metropolitan areas and the 20-city index were both up by 0.2% in December from November. On a seasonally adjusted basis, the indexes rose by 0.9%.

Compared with a year earlier, the 10-city index grew by 5.9%, while the 20-city index improved by 6.8%. For the full year, home prices grew by 7.3%, including 5.9% for the 10-city index and 6.8% for the 20-city index.

The indexes also are up by 8% to 9% from March, when prices bottomed out.

“These movements, combined with other housing data, suggest that while housing is on the upswing, some of the strongest numbers may already have been seen,” said David Blitzer, chairman of S&P’s index committee.

The American Chemistry Council (ACC) estimates that each new home built represents some $15,000 (€11,400) worth of chemicals and derivatives used in the structure or in production of component materials.

In addition, every $1,000 spent on non-residential construction generates $160-230 worth of consumption of chemicals and derivatives, according to the ACC.

($1 = €0.76)

Reported by: Mark Yost

Author: ICIS staff

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