In June, home prices increased 4.3 percent YoY, up from 4.5 percent in the previous month, according to the most recent S&P CoreLogic/Case-Shiller Indices. Year-over-year, the 10-City Composite increased 2.8 percent, down from 3.0 percent in the previous month. The 20-City Composite increased 3.5 percent YoY, down from the previous month’s 3.6 percent gain.
The following cities experienced the highest YoY gains: Phoenix (9.0 percent), Seattle (6.5 percent) and Tampa (5.9 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:
“Housing prices were stable in June. More data will be required to understand whether the market resumes its previous path of accelerating prices, continues to decelerate or remains stable. That said, it’s important to bear in mind that deceleration is quite different from an environment in which prices actually fall. June’s gains were quite broad-based. Prices increased in all 19 cities for which we have data, accelerating in five of them. Phoenix retains the top spot for the 13th consecutive month, with a gain of 9.0 percent for June. As has been the case for the last several months, prices were particularly strong in the Southeast and West, and comparatively weak in the Midwest and (especially) Northeast.” — Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy, S&P Dow Jones Indices.
“Home prices continued to rise in June during a pandemic that has exacerbated ongoing inventory issues. Buyers are making up for the loss of the spring real estate season with a busy summer. The competition for available listings has kept prices climbing, despite the fact we are in the midst of a recession. This trend will continue until a combination of new listings and new construction balances the market.” — Bill Banfield, Executive Vice President of Capital Markets, Quicken Loans