On Tuesday, the S&P/Case-Shiller home price index unveiled that in the 12 months ended in January, home price in the region increased 2.1% in the New York metropolitan area. It shall however, be noted that the rise was less than half the national increase.
Though things are progress, as per experts, housing market is recovering at a very slow pace from the worst recession since World War II. The index unveiled that home values are not that higher as they used to be in 2004. The condition remains the same at national and state level.
At the regional level, single-family prices are around 19% below their highest levels seen in mid-2006. Also, national values are around 17% below their peaks.