Home prices in June gained 5.1 percent year-over-year, according to the latest results of the S&P CoreLogic Case-Shiller Indices. The National Home Price NSA index was unchanged from last month.
The 20-city composite gained 5.1 percent year-over-year, down from 5.3 percent in May. Portland, Seattle and Denver reported the highest annual gains.
On a seasonally adjusted month-over-month basis, the National Index was up 0.2 percent, while the 10- and 20-city composites each decreased 0.1 percent.
“Home prices continued to rise across the country led by the west and the south,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “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.
“Overall, residential real estate and housing is in good shape. 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. 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.”
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