Home prices continue upward swing
The Standard & Poor’s/Case-Shiller Home Price Indices showed U.S. home prices continuing up. But in some places, the growth isn’t as fast.
The National Index grew 7.1% in the second quarter and 10.1% over the last four quarters, according to data released Tuesday morning. The 10-City and 20-City Composites posted returns of 2.2% for June and 11.9% and 12.1% over 12 months.
“National home prices rose more than 10% annually in each of the last two quarters,” said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “However, the monthly city-by-city data showed the pace of price increases is moderating.
“The Southwest and California have consistently led the recovery with Las Vegas, Los Angeles, Phoenix and San Francisco posting at least 15 months of gains. Looking at the cities, New York recorded its highest monthly return since 2002. Atlanta was up the most at +3.4% and Washington, D.C., had the lowest return at +1.0%. In terms of annual rates of change, San Francisco lost its leadership position with Las Vegas showing the highest post-recession gain of 24.9%.
Year-over-year, Las Vegas and San Francisco were the only two metropolitan statistical areas to post gains of more than 20%; Atlanta, Detroit and Phoenix decreased to +19.0%, +16.4% and +19.8%, respectively.