Housing Prices Drive Wall Street Rally but One Ohio City Follows the Pack

By
Tim Sharp


Updated Tue, May 28, 2013 12:14 pm

While key American cities appear to have overcome the housing slump, Ohio’s single entry on the roster appears to be behind the trend.

The Standard & Poor's/Case-Shiller home-price index released Monday showed that all 20 cities measured posted annual gains for the third straight month.

The cities showing the slowest growth were Cleveland and New York with annual home-price increases of 4.8 percent and 2.6 percent respectively

Cleveland’s northwestern neighbor Detroit showed a significantly higher annual change at 18.5 percent, one of the highest of the 20 monitored cities on the list.

Annual prices rose in Phoenix by 22.5 percent, the biggest gain among cities.

It was followed by San Francisco (22.2 percent) and Las Vegas (20.6 percent).

The home-price index showed U.S. home prices jumped 10.9 percent in March compared with a year ago, the most since April 2006.

Cleveland showed no gain in March.

The report was one of the factors that has led to a major rally on Wall Street as the Dow Jones Averages climbed more than 200 points at the open on Tuesday.

The analysis showed a growing number of buyers are bidding on a tight supply of homes, driving prices higher and helping the housing market recover.          

And prices rose in 15 cities in March from February.

That's up from only 11 in the previous month.

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