In August, home prices increased 5.7 percent YoY, up from 4.8 percent in the previous month, according to the most recent S&P CoreLogic/Case-Shiller Indices. Year-over-year, the 10-City Composite increased 4.7 percent, up from 3.5 percent in the previous month. The 20-City Composite increased 5.2 percent YoY, up from the previous month’s 4.1 percent gain.
The following cities experienced the highest YoY gains: Phoenix (9.9 percent), Seattle (8.5 percent) and San Diego (7.6 percent)
The complete data for the 20 markets measured by S&P:
Las Vegas, Nev.
Los Angeles, Calif.
New York, N.Y.
San Diego, Calif.
San Francisco, Calif.
What the Industry Is Saying:
“A trend of accelerating increases in the National Composite Index began in August 2019 but was interrupted in May and June, as COVID-related restrictions produced modestly-decelerating price gains. We speculated last month that the accelerating trend might have resumed, and August’s results easily bear that interpretation. The last time that the National Composite matched August’s 5.7 percent growth rate was 25 months ago, in July 2018. If future reports continue in this vein, we may soon be able to conclude that the COVID-related deceleration is behind us.
“Phoenix’s 9.9 percent increase topped the league table for August; this is the 15th consecutive month in which Phoenix home prices rose more than those of any other city. Seattle (8.5 percent) once again took the silver medal, with San Diego (7.6 percent) in third place. It’s a measure of housing’s strength that even the worst-performing cities, Chicago (1.2 percent) and New York (2.8 percent), did better in August than in July. Prices were strongest in the West and Southeast regions, and comparatively weak in the Midwest and Northeast.” — Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy, S&P Dow Jones Indices
“Home prices maintained upward momentum in August as increased sales continued to constrain inventory across the nation. This trend will likely persist well into the foreseeable future as current levels of supply are at historic lows.” — Bill Banfield, Executive Vice President of Capital Markets, Rocket Mortgage