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Homeowner Shift to Condos won't affect Prices -S&P

Thursday, July 2, 2015

In the S&P/Case-Shiller home price indices report for April David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices notes that, "Sales of new and existing homes are rising in recent reports and construction of new homes enjoyed strong gains in May. At the same time, the proportion of new construction that is apartments rather than single family homes remains high."  Over the last year, he says, 34 percent of housing starts were apartments compared to an average of 22 percent over the years since 1975.  He points out that one aspect of this could be an increase in condominium construction and that in all five of the cities in which Case-Shiller tracks condos, their prices are rising faster than single family homes. 

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