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U.S. home prices still going up – but not as fast


System - Monday, June 29, 2015

 NEW YORK – June 30, 2015 – The S&P/Case-Shiller Home Price Indices for April 2015 finds that home prices continued their rise across the country over the last 12 months. Overall, prices


 continue to rise, but April's just-released numbers aren't as high, year-to-year, as the March numbers.

"Home prices continue to rise across the country, but the pace is not accelerating," says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.

"Moreover, consumer expectations are consistent with the current pace of price increases," Blitzer adds. "Both the current rate of home price increases and the consumers' expectations are a bit lower than the long term annual price change of 4.9 percent since 1975. These figures, however, do not adjust for inflation." He says the real price change in real estate on a yearly average, adjusted for inflation, is 1 percent. "Given the current inflation rate of under two percent, real home prices today are rising more quickly than is typical."

Year-over-year

The 10-City Composite gained 4.6 percent year-over-year, while the 20-City Composite gained 4.9 percent year-over-year. The S&P/Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, recorded a 4.2 percent annual gain in April 2015 versus a 4.3 percent increase in March 2015.

Denver and San Francisco reported the highest year-over-year gains with price increases of 10.3 percent and 10.0 percent, respectively, over the last 12 months. Dallas reported an 8.8 percent year-over-year gain to round out the top three cities.

Nine cities reported faster price increases in the year ended April 2015 over the year ended March 2015. Las Vegas prices rose 6.3 percent in the year to April versus 5.7 percent in the year to March 2015.

In 11 cities, however, the rate of annual price gains slowed. Boston home prices were up 1.8 percent in the 12 months ending in April compared to a 4.6 percent gain in the 12 months ending in March 2015.

Month-over-month

Before seasonal adjustment, the National index increased 1.1 percent in April and the 10-City and 20-City Composites posted gains of 1.0 percent and 1.1 percent month-over-month.

After seasonal adjustment, the National index was unchanged; the 10- and 20-city composites were up 0.3 percent and 0.4 percent. All 20 cities reported increases in April before seasonal adjustment; after seasonal adjustment, 12 were up and eight were down.

© 2015 Florida Realtors®


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