US home prices rose 0.7% in September and are up 13.3% over the same period last year, according to new data from the S&P Case-Shiller index. The index, which measures single-family home prices in twenty metro areas, showed the highest year-over-year gain since February 2006, Reuters reports.
Reuters breaks down the gains by metro area. Las Vegas leads the way with a remarkable 29% jump over last year:
Here's Case-Shiller's longer-term view of US housing prices, charting the index back to 1988:
Also this morning, new data from the Commerce Department showed October US housing permits rose 6.2% above September's level, and 13.9% year-over-year.
Calculated Risk's Bill McBride looks at total and single unit permits since 1960 and sees a "huge collapse following the housing bubble", followed by a general increase "after moving sideways for about two years and a half years". Here's his chart: