S&P Case Shiller Home Price Indices reported new record gains for home prices in June. The National Home Price Index rose by a seasonally-adjusted annual pace of 18.60 percent as compared to May’s home price increase rate of 16.80 percent. Home prices were 41 percent higher than they were during the 2006 housing boom; home price growth was driven by high demand for homes coupled with short supplies of homes for sale.
Home prices continued to rise at record rates in May according to S&P Case-Shiller Home Price Indices. National home prices rose by 16.60 percent year-over-year in May as compared to 14.80 percent year-over-year price growth in April. The 10-City Home Price Index reported home prices rose 16.40 percent year-over-year and 1.90 percent month-to-month.
Last week’s economic reports included Pending Home Sales, Construction Spending and several reports on jobs and employment.
Sales of previously owned homes dropped in August by 4.80 percent on an annual basis for the first time in four months; the dip was likely caused by rising home prices. August sales were reported at a rate of 5.31 million; July’s rate was 5.58 million sales of previously owned homes.
According to the Case-Shiller 20-City Home Price Index for April, home prices slowed from the March reading of 4.30 percent year-over-year to 4.20 percent year-over-year.
According to the Case-Shiller 20-City Home Price Index for February, month-to-month home prices increased by 0.50 percent from Januaryâs reading and achieved the highest year-over-year gain in six months. Analysts expected February home prices to increase by 4.80 percent.
According to the S&P Case-Shiller Home Price Index report for January, home prices grew by 4.50 percent year-over-year as compared to January 2014âs year-over-year price growth rate of 10.50 percent. This was the lowest rate of home price growth since 2012.
Last week’s scheduled economic events were packed into Tuesday and Wednesday, but several housing-related reports were released including the Case-Shiller National and 10-and 20-City Home Price Indices for September, The FHFA House Price Index also for September, and New and Pending Home Sales for October.
March sales of existing homes exceeded expectations at a seasonally adjusted annual rate of 4.59 million sales according to the NAR. Analysts projected that existing home sales would reach 4.55 million based on February’s reading of 4.50 million sales.
Last week’s economic news includes several reports about housing markets.
The S&P Case-Shiller 10 and 20 city housing market indices, the FHFA House Price Index, New Home Sales and Pending Home sales reports suggest that the national housing market continues to grow, but at lower rates.
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