U.S. Home Prices Rise More Quickly Than Expected in July

According to a report on Bloomberg.com, housing prices increased more than was forecasted in July. In year-over-year growth, the figures increased, showing a spur in economic growth.

The S&P/Case-Shiller index of property values across 20 different cities in the nation has increased 1.2 percent from July 2011, the largest in a 12-month period since August 2010, said the report.

“We’re finally seeing a more sustained and broad-based improvement in home prices,” said Millan Mulraine, senior U.S. strategist for TD Securities in New York, in the Bloomberg article. “The housing sector has made an important turn here, and that is being sustained.”

In Lansdale and Montgomery Township, even steeper growth has been shown since 2000.

In the past 12 years, the prices of homes in Lansdale has shot up from an average cost of $122,900 in 2000 to a current median value of $223,055, according to statistics on City Data.com.

Lansdale has an average home value much higher than the state's overall average, which as of 2009, was $164,700.

In the same year, average home prices for a detached home in Lansdale averaged $274,095 in costs. A townhome in Lansdale is around $204,677 average cost.

According to the county's records, as of 2010, the borough includes 7,157 housing units, which is also up from 2000 statistics. In the year 2000, the borough only had 6,893 units.

In the past 12 years, the prices of homes in Montgomery Township has shot up from an average cost of $62,200 in 2000 to a current median value of $109,130, according to statistics on City Data.com.

However, Montgomery Township has an average home value much lower than the state's overall average, which as of 2009, was $164,700.

In 2008, the average mean home prices for a detached home in Montgomery Township averaged $130,744 in costs. A townhome in Montgomery Township is around $102,268 average cost. Both those figures are below the state mean in 2008.

The 2008 mean price for five-or-more unit structures in Montgomery Township were above the state mean in 2008 at $371,429. Mobile home mean price in 2008 was also above the state mean at $36,553. 

According to the county's records, as of 2010, the township includes 9,467 housing units, which is also up from 2000 statistics. In the year 2000, the township only had 8,053 units.

The national trend is spurring optimism about the nation's economy. 

“All in all, we are more optimistic about housing,” David Blitzer, chairman of the S&P index committee, said in a statement to Bloomberg.com. “Stronger housing numbers are a positive factor for other measures including consumer confidence.”