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undergroundnewsroom.com December 11, 2017


Home Prices Record 5.5 Percent YoY Rise

28 June 2017, 05:16 | Ruben Thornton

Aerial view of Coconut Grove in 2012

Aerial view of Coconut Grove in 2012

In New York, home prices rose only 3.8 percent year-over-year, the third weakest pace among 20 major cities measured by Case-Shiller.

Having ticked up an upwardly revised 1.1 percent in March, the S&P CoreLogic Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area - which includes the East Bay, North Bay and Peninsula - gained another 1.5 percent in April and the index for area condos gained 1.8 percent as well, lifting each index to new all-time highs. Across all nine Census divisions, US home prices rose 5.5 percent over the year.

David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, isn't predicting a slowdown soon.

Metro Denver remains among the top four major US markets for year-over-year gains in home resale prices, according to the latest S&P/Case-Shiller Home Prices Indices report.

Local house-price gains slowed slightly during April, putting Cleveland at the rear of a 20-city pack of cities tracked in a closely watched monthly report updated Tuesday.

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The 20-City Composite posted a 5.7% year-over-year gain, down from 5.9% in March. "Adding to price pressures, mortgage rates remain close to four and affordability is not a significant issue". The inventory of homes for sale stood at 11,615 last month, which is 2.3 months of housing supply, according to the Minneapolis Area Association of Realtors.

"The question is not if home prices can climb without any limit; they can't", Blitzer said in a statement. First American's index factors in changes in incomes and mortgage rates.

Housing market observers have long speculated a looming increase in mortgage rates could slow demand, in turn putting the brakes on home prices. Blitzer said. "For the moment, conditions appear favorable for avoiding a crash".

By Zillow's count, there are 22 percent fewer homes on the market now than this time past year. Housing starts are increasing, foreclosure levels are low and household debt levels are manageable. Seattle reported a 12.9 percent year-over-year price increase, followed by Portland with a 9.3 percent increase.

From March single family home prices in the Chicago area rose by 1.0%, which I should remind you is largely a seasonal effect.



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