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U.S. Home Prices Continue to Surge.

U.S. home prices continue to surge according to the latest S&P CoreLogic/Case-Shiller Indices, which found June prices on an upward trend (at 6.2 percent year-over-year), inciting affordability concerns.

Home prices continue to rise across the U.S. said David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. However, even as home prices keep climbing, we are seeing signs that growth is easing in the housing market. Sales of both new and existing homes are roughly flat over the last six months amidst news stories of an increase in the number of homes for sale in some market. Rising mortgage rates—30-year fixed-rate mortgages rose from 4 percent to 4.5 percent since January—and the rise in home prices are affecting housing affordability.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index’s 10-City Composite, which is an average of 10 metros (Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco and Washington, D.C.), rose 6 percent year-over-year in June, a decrease from 6.2 percent in May. The 20-City Composite—which is an average of the 10 metros in the 10-City Composite, plus Atlanta, Charlotte, Cleveland, Dallas, Detroit, Minneapolis, Phoenix, Portland, Seattle and Tampa—rose 6.3 percent year-over-year in June, down from 6.5 percent in May. Month-over-month, both the 10-City Composite and the 20-City Composite rose, 0.4 percent and 0.5 percent, respectively.

The west still leads the rise in home prices with Las Vegas displacing Seattle as the market with the fastest price increase. Population and employment growth often drive home prices. Las Vegas is among the fastest growing U.S. cities based on both employment and population, with its unemployment rate dropping below the national average in the last year, said Blitzer. The northeast and mid-west are seeing smaller home price increases. Washington, Chicago, and New York City showed the three slowest annual price gains among the 20 cities covered.

The complete data for the 20 markets measured by S&P:

Atlanta, Ga.
Month-Over-Month (MoM): 0.7 %
Year-Over-Year (YoY): 5.7%

Boston, Mass.
MoM: 0.9%
YoY: 7.1%

Charlotte, N.C.
MoM: 0.6%
YoY: 5.7%

Chicago, Ill.
MoM: 0.8%
YoY: 3.3%

Cleveland, Ohio
MoM: 1%
YoY: 5.1%

Dallas, Texas
MoM: 0.4%
YoY: 5.2%

Denver, Colo.
MoM: 0.6%
YoY: 8.3%

Detroit, Mich.
MoM: 1%
YoY: 6.4%

Las Vegas, Nev.
MoM: 1.4%
YoY: 13%

Los Angeles, Calif.
MoM: 1.4%
YoY: 7.4%

Miami, Fla.
MoM: .7%
YoY: 5.2%

Minneapolis, Minn.
MoM: 1%
YoY: 6.4%

New York, N.Y.
MoM: -0.1%
YoY: 3.8%

Phoenix, Ariz.
MoM: 0.7%
YoY: 7.2%

Portland, Ore.
MoM: 0.7%
YoY: 5.8%

San Diego, Calif.
MoM: 0.5%
YoY: 6.9%

San Francisco, Calif.
MoM: 0.5%
YoY: 10.7%

Seattle, Wash.
MoM: 0.7%
YoY: 12.8%

Tampa, Fla.
MoM: 0.6%
YoY: 6.9%

Washington, D.C.
MoM: 0.5%
YoY: 2.9%

Dominguez_Liz_60x60_4cLiz Dominguez is RISMedia’s associate content editor.. For the latest real estate news and trends, bookmark RISMedia.com.

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