July was another month of solid gains in home prices, according to the S&P CoreLogic Case-Shiller Indices, with the index covering all nine U.S. census divisions showing a 5.1% annual gain.
The 10-City Composite was up 4.2%, down from the 4.3% annual gain posted in June, while the 20-City Composite rise of 5.0% was down 0.1% from June.
The highest year-over-year gains among the 20 cities over each of the last six months came in Portland, Seattle, and Denver. Portland led the way in July with a year-over-year price increase of 12.4%, followed by Seattle at 11.2%, and Denver with a 9.4% advance. Nine cities reported greater price increases in the year ending July 2016 versus the year ending June 2016.
“The S&P CoreLogic Case-Shiller National Index is within 0.6% of the record high set in July 2006, said David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. “Seven of the 20 cities have already set new record highs. The 10-year, 20-year, and National indices have been rising at about 5% per year over the last 24 months. Eight of the cities are seeing prices up 6% or more in the last year.”
Before seasonal adjustment, the National Index was up 0.7% from June. The 10-City Composite recorded a month-over-month increase of 0.5%, while the 20-City Composite was up 0.6%.
After seasonal adjustment, the National Index recorded a 0.4% month-over-month increase, the 10-City Composite was down 0.1%, and the 20-City Composite was unchanged.
After seasonal adjustment, 12 cities saw prices rise, two were unchanged, and six cities reported declines.