- For the 16th consecutive month in a row, home prices climbed in July. Year-over-year prices have not declined in any month during the past 5 years and three months.
- With all markets in the index becoming more costly, 11 out of the 20 cites had accelerating price growth, with the remaining nine losing steam. The biggest jump in price appreciation occurred in Boston where year-over-year prices rose to 6.8% from 6.3% in June.
- Seattle’s rapid price growth continued to climb to 13.5% year-over-year and remains the fastest price appreciation of any of the Case-Shiller 20-City Composite Index.
U.S. home prices were up again in July and were up 5.9% year-over-year, according to the S&P CoreLogic Case-Shiller National Home Price Index released today. This is the fastest price appreciation in 3 years following a stable summer. Once again, short supply and favorable lending conditions are bringing more homebuyers onto the dance floor only to find scant options. These competitive conditions continue to drive prices ever higher across the biggest housing markets. With new construction slowing recently, low inventory seems likely to persist for the foreseeable future.
Of the 20 markets in the Composite 20 Index, Seattle held its place as the one with the fastest year-over-year price increase in July at 13.5%, beating out the runner up, Portland, Ore. Seattle is experienced the fastest price growth since August 2006, prior to the recession. Portland, which held the title for fastest price growth for much of 2015 and 2016, has continued to lose steam, dropping to 7.6% year-over-year price growth in July from 8.1% in June, and continuing a trend that started a year ago. Dallas, Denver, and Phoenix also saw slowing price growth.
