- According to the S&P CoreLogic Case-Shiller Indices, national home prices increased 5.1 percent annually in June.
- Portland, Seattle and Denver were the top three markets for year-over-year gains.
- Chicago posted one of the highest monthly lifts between May and June, at 1.1 percent.
- Sales of new single-family homes in July reached the highest volume since November 2007.
National home price boosted annually in June at 5.1 percent – the same increase posted in May – according to the S&P CoreLogic Case-Shiller U.S. National Home Price Indices.
Looking closer, the index shows that within the 10-City Composite, home prices dipped 4.3 percent year-over-year. In May, prices within those 10 cities softened by 4.4 percent.
Within the 20-City-Composite, prices rose at the same extent as the national index (5.1 percent), the latter of which covers all nine U.S. Census divisions.
Northwest hot streak continues
Northwest real estate showcased the most impressive boosts in price earlier this summer, with Portland, Seattle and Denver as the top three markets for year-over-year gains.
“In the strongest region, the Pacific Northwest, prices are rising at more than 10 percent; in the slower Northeast, prices are climbing a bit faster than inflation,” David M. Blitzer, managing director and chairman at S&P Dow Jones Indices, said in a news release. “Nationally, home prices have risen at a consistent 4.8 percent annual pace over the last two years without showing any signs of slowing.”
Portland posted a 12.6 percent year-over-year price increase. Seattle and Denver featured 11 percent and 9.2 percent annual price gains, respectively.
National home price: May v. June
Adjusting for seasonality, the national home price index jumped 0.2 percent month-over-month. Within the top 10 and top 20 cities, the composite dropped 0.1 percent between May and June.
Blitzer says residential real estate shows signs of positivity, although slimming inventory represents a narrow national home price market. Despite this, sales of new single-family homes in July reached the highest volume since November 2007.
Dallas saw a steep 8.9 percent increase year-over-year, assisted by a 0.9 percent increase from May to June. Miami also saw a large increase, at 6.9 percent year-over-year. Between May and June, Miami home prices rose 0.7 percent.
In Los Angeles, home prices jumped 5.3 percent annually and 0.6 percent monthly. San Francisco posted a rise of 6.4 percent year-over-year and 0.4 percent month-over-month.
Looking at the other side of the country, New York City posted a 2 percent rise in home prices year-over-year. Between May and June, NYC saw a 0.9 percent boost.
Washington D.C. almost mirrored the Big Apple, with a 2 percent annual rise and 0.8 percent monthly increase.
While Chicago showed mediocre year-over-year home price gains at 3.3 percent, the Windy City posted one of the highest lifts between May and June, at 1.1 percent.