June Home Prices Continue Steep Rise: Case-Shiller

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Home prices continued their rise across the country over the last 12 months, with the S&P CoreLogic Case-Shiller National Home Price Index hitting an all-time high. The 10-City Composite was stagnant with no month-over-month increase, and the 20-City Composite inched up just 0.1%.

On a year-over-year basis, the National Home Price NSA Index, which covers all nine USA census divisions, was up 5.8%% in June.

The S&P CoreLogic Case-Shiller NSA home price indexes for June increased by 5.7% year over year for the 20-city composite index and by 4.9% for the 10-city composite index. Seattle (up 13.4%), Portland (up 8.2%) and Denver (up 7.7%) posted the largest year-over-year gains. Seattle has seen the highest year-over-year percentage gains for the last ten months.

Average home prices for May remain comparable to their levels in the winter of 2007.

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Prices in the area are about 40 percent higher than they were 10 years ago before the national housing market crash.

"Given current economic conditions and the tight housing market, an immediate reversal in home price trends appears unlikely", Blitzer said. Both the number of homes for sale and the number of days a house is on the market have declined for four to five years. Now the months-supply of existing homes for sale is low, at 4.2 months.

After seasonal adjustment, the National Index was up 0.4%. "In addition, housing starts remain below their pre-financial crisis peak as new home sales have not recovered as fast as existing home sales". However, other drivers of affordability are more favorable: the national unemployment rate is down, and the number of jobs created continues to grow at a robust pace, rising to close to 200,000 per month. Mortgage rates, up slightly since the end of 2016, are under 4%.

"High-level data on the USA housing market paints a clear picture of a market that continues to put the worst effects of the Great Recession in the rear view - home buying demand is sky high, home prices have been growing for years and the median home in many large markets is worth more than ever", Zillow Chief Economist Dr. Svenja Gudell said in a statement.

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