Analysis by Altos Research shows that home prices in most major U.S. cities have broken free of the downward spiral. The company’s 10-city composite index was up 0.2 percent in May – the first monthly increase recorded by Altos in nine months.
Another positive, Altos says readings of weekly price changes have continued to show modest seasonal increases for the past seven weeks, indicating that traditional home price metrics will soon show increases as well.
Altos’ 10-city composite is based on prices of single family homes in Boston, Chicago, New York, Los Angeles, San Diego, San Francisco, Miami, Las Vegas, Washington D.C, and Denver. But the company analyzes pricing trends across a larger pool of 26 major markets.
Asking prices last month rose in 18 of those 26 markets, Altos reports. San Francisco experienced the sharpest increase, with prices rising 2.4 percent, followed by Dallas and Washington, D.C. with increases of 1.4 percent and 1.2 percent respectively. The Washington, D.C. market also saw the largest jump over the most recent three-month period, with an increase of 6.2 percent…