Steel Markets
Case-Shiller Reports Higher Home Prices in August
Written by Sandy Williams
October 27, 2020
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index indicated strong growth in housing prices in August. The national composite rose 5.7% year-over-year, up from 4.8% in July. The 20-city composite (excluding missing Detroit data) posted a 5.2% annual gain compared to 4.1% the previous month.
The month-over-month analysis showed a 1.1% increase for the national index and 1.1 % increases for both the 10- and 20-city composites.
“A trend of accelerating increases in the National Composite Index began in August 2019, but was interrupted in May and June as COVID-related restrictions produced modestly-decelerating price gains. We speculated last month that the accelerating trend might have resumed, and August’s results easily bear that interpretation. The last time that the National Composite matched August’s 5.7% growth rate was 25 months ago, in July 2018. If future reports continue in this vein, we may soon be able to conclude that the COVID-related deceleration is behind us,” reported the research firm
The highest year-over-year gains were seen in Phoenix (9.9%), Seattle (8.5%) and San Diego (7.6%). All of the 19 cities reporting data in August posted annual increases.
Sandy Williams
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