S&P Dow Jones Indices has released the latest results for the S&P CoreLogic Case-Shiller Indices, which shows that in June 2017, home prices continued their rise across the country.
The index, which covers all nine U.S. census divisions, reported a 5.8% annual gain in June, up from 5.7% the previous month. The 10-City Composite posted a 4.9% annual increase, down from 5% the previous month. The 20-City Composite reported a 5.7% year-over-year gain, the same as the previous month.
Seattle; Portland, Ore.; and Dallas reported the highest year-over-year gains among the 20 cities. In June, Seattle led the way with a 13.4% year-over-year price increase, followed by Portland with 8.2%, and Dallas with a 7.7% increase. Nine cities reported greater price increases in the year ending June 2017 versus the year ending May 2017.
Before seasonal adjustment, the National Index posted a month-over-month gain of 0.9% in June. The 10-City and 20-City Composites both reported a 0.7% increase in June.
After seasonal adjustment, the National Index recorded a 0.4% month-over-month increase. The 10-City Composite remained stagnant, with no month-over-month increase. The 20-City Composite posted a 0.1% month-over-month increase. All 20 cities reported increases in June before seasonal adjustment; after seasonal adjustment, 14 cities saw prices rise.
“Price increases are supported by a tight housing market,” comments David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices. “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. 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.”