Home prices pick up speed despite fewer sales!
Home prices increased once again in July, and even began picking up speed, according to the latest index released from S&P Dow Jones and CoreLogic.
Nationally, home prices were up 5.9% annually to 194.1, yet another new high and an increase from June’s rise of 5.8%, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. census divisions.
The 10-City Composite increased 5.2% annually, up from the annual increase of 4.9% the previous month, and the 20-City Composite increased 5.8% year-over-year, also up from July’s 5.6% annual increase.
The chart below shows the National Index reaching its new high, even as the 10-City and 20-City Composite Indices prepare to surge past their 2007 levels.
Seattle and Portland remained in the top two spots for cities with the highest increases, but Las Vegas climbed up, surpassing Dallas for the third spot. The three cities showed annual increases up 13.5%, 7.6% and 7.4% respectively. Twelve of the top 20 cities reported faster home prices growth for the year ending in July than the year ending in June.
“Home prices over the past year rose at a 5.9% annual rate,” said David Blitzer, S&P Dow Jones Indices managing director and chairman of the index committee. “Consumers, through home buying and other spending, are the driving force in the current economic expansion.
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