June was another good month for home price appreciation.
According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index -- covering all nine U.S. census divisions -- prices were up 5.1% on a year-over-year basis, the same as in May.
Within that, the 10-City Composite posted a 4.3% annual advance and the 20-City Composite gained 5.1%.
Portland, Seattle, and Denver enjoyed the highest year-over-year increases among the 20 cities over each of the last five months. Portland led the way with a 12.6% year-over-year price jump, followed by Seattle at 11.0% and Denver with a rise of 9.2%. Six cities reported greater price increases in the year ending June 2016 versus the year ending May 2016.
“Home prices continued to rise across the country led by the west and the south,” said 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."
The National Index posted a month-over-month gain of 0.2%, while both the 10-City Composite and 20-City Composite posted declines of 0.1%. Nine cities saw prices rise, two were unchanged, and nine cities were lower.
“Overall, residential real estate and housing is in good shape,” Blitzer noted. “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.”