Case Shiller: Home prices continue to reach new highs
Home prices reached an all new high across the U.S. in June, according to the latest index released from S&P Dow Jones and CoreLogic. Nationally, home prices increased 5.8% from June 2016, up from May’s gain of 5.7%, to hit 192.6, an all new high, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. census divisions. The 10-City Composite increased 4.9% annually, down from last month’s 5% annual increase, and the 20-City Composite increased 5.7% annually, the same as last month’s gain.
The chart below shows while the National Index reached a new high in June, the 10-City and 20-City Composites continue to rise, and are currently at their winter 2007 levels.
Seattle, Portland and Dallas reported the highest increases in June out of the nation’s top 20 cities with increases of 13.4%, 8.2% and 7.7% respectively. Overall, nine cities showed greater increases of the year ending in June versus the year ending in May. “The trend of increasing home prices is continuing,” says David Blitzer, S&P Dow Jones Indices managing director and chairman of the index committee. “Price increases are supported by a tight housing market.”
“Both the number of homes for sale and the number of days a house is on the market have declined for four to five years,” Blitzer said. “Currently the months-supply of existing homes for sale is low, at 4.2 months. In addition, housing starts remain below their pre-financial crisis peak as new home sales have not recovered as fast as existing home sales.”
Before seasonal adjustment, the National Index increased 0.9% monthly in June, while the 10-City and 20-City Composites each increased by 0.7% in June. However, after seasonal adjustment, the National Index increased 0.4%, the 10-City Composite remained stagnant and the 10-City Composite increased just 0.1%. While all 20 cities saw a monthly increase before seasonal adjustment, after seasonal adjustment 14 cities increased.
“Rising prices are the principal factor driving affordability down,” Blitzer said. “However, other drivers of affordability are more favorable: the national unemployment rate is down, and the number of jobs created continues to grow at a robust pace, rising to close to 200,000 per month.”
“Wages and salaries are increasing, maintaining a growth rate a bit ahead of inflation,” he said. “Mortgage rates, up slightly since the end of 2016, are under 4%. Given current economic conditions and the tight housing market, an immediate reversal in home price trends appears unlikely.”
Author:Jeremy Letzelter Phone: 614-679-1522 Dated: September 9th 2017 Views: 435 About Jeremy: I have worked in sales for over 13 years. I have purchased and sold investment properties for the pa...
Serving more than 50 of the 100 largest metro areas in the United States, independent sales associates affiliated with NRT distinguish themselves every day by creating exceptional real estate experiences for their customers and their communities. But don’t just take our word for it. In 2015, REAL Trends ranked NRT as the #1 Residential Real Estate Brokerage Company for an unprecedented 18th consecutive year. It’s an honor we’ve achieved by focusing on exceptional customer service and consistently putting our clients’ evolving real estate needs first.
Whether you measure our performance in terms of size, sales volume or number of transactions, the leadership of the companies and sales associates represented by ColdwellBankerHomes.com is driving innovation and delivering value to homebuyers and sellers. As a result, NRT’s growing presence includes more than 44,000 affiliated sales associates and 4,900 employees in 727 offices, all ready to serve you.
Looking to buy a home in Whitehall? Check out this amazing deal!The Ci
"Client Feedback on Tracy Seabrooks---How fast did your agent respond to your questions: 5 out of 5--How well did your agent use technology: 5 out of 5---How helpful was the support staff: 5 out of 5---How good was the auxiliary services we recommended: 5 out of 5---How did the closing go: 5 out of 5---How close did we meet your expectations: 5 out of 5---How likely are you to recommend us: 5 out of 5
Your most memorable moment---Tracy always had a smile on her face. I know I worked her nerves with the emails and listings but she went through every one. She always returned calls rarely if ever I had to leave a message.
Testimonial---Tracy Seabrooks is a wonderful individual. Tracy is feels your feelings, she's has a genuine heart. She helped me in every way that she could. I feel that If it was not for Tracy going into my new home would not have been possible. Tracy is a God send and she was a blessing to me. I will never meet another person like her. Thank You Tracy