Standard & Poor’s reported(.pdf) that U.S. home prices continued to rise at a brisk pace over the summer as the 20-city Case-Shiller Home Price Index jumped 1.8 percent in July and the 10-city index rose even faster, up 1.9 percent.
On a seasonally adjusted basis, the indexes rose 0.6 percent and 0.7 percent, respectively, and, from year ago levels the indexes are both up more than 12 percent.
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All 20 cities sported gains in July – for the fourth consecutive month – paced by an increase of 3.2 percent in Chicago, 2.8 percent in Las Vegas, and 2.7 percent in Detroit. Former housing bubble hotspots continued to lead in year-over-year price gains as Las Vegas home values rose 27.5 percent, San Francisco home prices rose 24.5 percent, and gains in both Los Angeles and San Diego were just over 20 percent.
Cities trailing in home price appreciation were New York with a gain of just 3.5 percent, Cleveland at 3.9 percent, and Washington D.C. at 6.0 percent. The housing market in the nation’s capital, where prices rebounded first after the recession and then saw hefty gains as home values in the rest of the country declined for years, now looks rather pedestrian.
Source: Iacono Research
