There was another record high for US home prices in May with the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index gaining 5.6%, the same as in April
There was another record high for US home prices in May with the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index gaining 5.6%, the same as in April.
The 10-city index eased slightly to 4.9% (compared to 5% in April) and the 20-city index was down to 5.7% from 5.8% in the previous month.
The highest year-over-year gains were in Seattle (13.3%), Portland (8.9%) and Denver (7.9%) but 9 cities reported greater price increases in the year to May compared to the year to April.
Month-over-month there was a gain of 1% for the National Index, 0.7% for the 10-city index and 0.8% for the 20-city index, before seasonal adjustment (after adjustment the gains were 0.2%, 0%, and 0.1% respectively).
"Home prices continue to climb and outpace both inflation and wages," says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. "Housing is not repeating the bubble period of 2000-2006: price increases vary across the country unlike the earlier period when rising prices were almost universal; the number of homes sold annually is 20% less today than in the earlier period and the months' supply is declining, not surging.”
Dr Blitzer added that tight inventory is one factor in the rising prices but increased construction costs are also adding to the gains.
The 10-city index eased slightly to 4.9% (compared to 5% in April) and the 20-city index was down to 5.7% from 5.8% in the previous month.
The highest year-over-year gains were in Seattle (13.3%), Portland (8.9%) and Denver (7.9%) but 9 cities reported greater price increases in the year to May compared to the year to April.
Month-over-month there was a gain of 1% for the National Index, 0.7% for the 10-city index and 0.8% for the 20-city index, before seasonal adjustment (after adjustment the gains were 0.2%, 0%, and 0.1% respectively).
"Home prices continue to climb and outpace both inflation and wages," says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. "Housing is not repeating the bubble period of 2000-2006: price increases vary across the country unlike the earlier period when rising prices were almost universal; the number of homes sold annually is 20% less today than in the earlier period and the months' supply is declining, not surging.”
Dr Blitzer added that tight inventory is one factor in the rising prices but increased construction costs are also adding to the gains.
