Home prices continue to rise from last year, according to the S&P CoreLogic, Case-Shiller Indices.
S&P Dow Jones Indices is a division of S&P Global, which provides essential intelligence for individuals, companies and governments.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported an annual increase of 5.1% in June, unchanged from the month before. The 10-City Composite increased 4.3%, slightly less that May’s 4.4% increase. Similarly, the 20-City Composite increased 5.1% annually, down from May’s increase of 5.3%.
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(Source: S&P Dow Jones Indices and CoreLogic)
Of those 20 cities, Portland, Seattle and Denver posted the highest annually gains over each of the last five months. In June, Portland increased the most at 12.6%, followed by Seattle at 11% and Denver at 9.2%. Overall, six cities reporter a higher price increase in June than in May.
“Home prices continued to rise across the country led by the west and the south,” says David Blitzer, S&P Dow Jones Indices Index Committee managing director and chairman. “In the strongest region, the Pacific Northwest, prices are rising at more than 10%; in the slower Northeast, prices are climbing a bit faster than inflation.”
“Nationally, home prices have risen at a consistent 4.8% annual pace over the last two years without showing any signs of slowing,” Blitzer said.
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(Source: S&P Dow Jones Indices and CoreLogic)
After seasonal adjustment, the National Index increased 0.2% monthly in June. The 10-City Composite and the 20-City Composite increased 0.1% monthly.
On the other hand, after seasonal adjustment, nine cities saw a decrease in home prices.
“Overall, residential real estate and housing is in good shape,” Blitzer said. “Sales of existing homes are at running at about 5.5 million units annually with inventory levels under five months, indicating a fairly tight market.”
“Sales of new single family homes were at a 654,000 seasonally adjusted annual rate in July, the highest rate since November 2007,” he said. “Housing starts in July topped an annual rate of 1.2 million units.”
“While the real estate sector and consumer spending are contributing to economic growth, business capital spending continues to show weakness,” Blitzer concluded.
