On an annual basis in December, home prices sprung up 3.8 percent, escalating from a 3.5 percent gain in November, according to the S&P CoreLogic/Case-Shiller Indices, released this week. In keeping with trend, the highest jump was in Phoenix, at 6.5 percent growth.
Atlanta, Ga.
December/November: -0.1%
Year-Over-Year: +4.1%
Boston, Mass.
December/November: +0.1%
Year-Over-Year: +4.5%
Charlotte, N.C.
December/November: 0%
Year-Over-Year: +5.3%
Chicago, Ill.
December/November: -0.1%
Year-Over-Year: +1%
Cleveland, Ohio
December/November: -0.7%
Year-Over-Year: +3.6%
Dallas, Texas
December/November: -0.2%
Year-Over-Year: +2.6%
Denver, Colo.
December/November: -0.1%
Year-Over-Year: +3.7%
Detroit, Mich.
December/November: -0.1%
Year-Over-Year: +3.4%
Las Vegas, Nev.
December/November: +0.1%
Year-Over-Year: +2.6%
Los Angeles, Calif.
December/November: 0%
Year-Over-Year: +2.7%
Miami, Fla.
December/November: +0.1%
Year-Over-Year: +3.2%
Minneapolis, Minn.
December/November: -0.6%
Year-Over-Year: +3.7%
New York, N.Y.
December/November: +0.1%
Year-Over-Year: +1%
Phoenix, Ariz.
December/November: +0.6%
Year-Over-Year: +6.5%
Portland, Ore.
December/November: +0.2%
Year-Over-Year: +3.7%
San Diego, Calif.
December/November: +0.1%
Year-Over-Year: +4.7%
San Francisco, Calif.
December/November: 0%
Year-Over-Year: +2.1%
Seattle, Wash.
December/November: +0.2%
Year-Over-Year: +4.1%
Tampa, Fla.
December/November: +0.1%
Year-Over-Year: +5.2%
Washington, D.C.
December/November: +0.2%
Year-Over-Year: +3.4%
All in all, the housing market remains solid, according to Craig J. Lazzara, managing director and global head of Index Investment Strategy at S&P Dow Jones Indices.
“The U.S. housing market continued its trend of stable growth in December,” Lazzara said in a statement. “December’s results… eight consecutive years of increasing housing prices. At the national level, home prices are 59 percent above the trough reached in February 2012, and 15 percent above their pre-financial crisis peak.”
Despite the price reacceleration, buyers have more room in their spend, buoyed by low mortgage rates. The 30-year fixed held at 3.49 percent recently, Freddie Mac reported.
“We continue to see home price increases driven by low supply and strong demand,” Bill Banfield, EVP of Capital Markets at Quicken Loans, said in a statement. “While the future isn’t always clear, the recent drop in interest rates to historic lows could provide additional affordability for even more buyers to consider making a move.”
“The drop in mortgage rates during the past week has improved payment affordability and will bring prospective buyers into the market,” Frank Nothaft, chief economist at CoreLogic, said in a statement. “If rates stay low into the spring, we expect sales volume to be the highest in 13 years, and annual home price growth to quicken.”
Suzanne De Vita is RISMedia’s senior online editor. Email her your real estate news ideas at sdevita@rismedia.com.
