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Residential real estate news and coverage of how residential real estate impacts the mortgage industry and residential mortgage-backed securities.

Home Prices Indices All Up

Pacific Northwest leads year-over-year rise

Sept. 26, 2017

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

Led by the Pacific Northwest, the nation's home prices continued to move higher on a year-over-year basis -- with some indices at record highs. On a month-over-month basis, East Coast states led the gain.

At 201.99 during July 2017, the Case-Shiller 20-City Composite Home Price Index was 0.7 percent higher than it was as of the preceding month.

Compared to the same month during the previous year, the widely watched home price index has ascended by 5.8 percent.

The Case-Shiller index, which was reported Tuesday by S&P Dow Jones Indices and CoreLogic Inc., stands just 2 percent shy of its all-time high reached in July 2006. The index is 51 percent above its March 2012 low.

Among the metropolitan areas reflected in the 20-city index, Seattle has seen 13.5 percent appreciation since July 2016 -- the most of any area. Prices in Portland were up 7.6 percent, followed by 7.4 percent in Las Vegas and 7.3 percent in both Dallas and Detroit.

On a seasonally adjusted basis, the Federal Housing Finance Agency's purchase-only HPI was 249.8 as of July 2017, inching up 0.2 percent from a month earlier and 6.3 percent stronger than a year earlier.

FHFA's report indicated that home prices in the Mountain Region and Pacific Region have climbed 8.2 percent from July 2016 -- the most of any region.

The Black Knight HPI report indicated that average U.S. home prices were a record-high $281,000 during July 2017. Values were up 0.5 percent from the prior month and 6.2 percent from a year prior. Since the January 2012 trough, home prices have risen 41 percent.

On a month-over-month basis, prices in New York have appreciated 1.8 percent -- the most of any state. Next was Rhode Island's and Montana's 1.2 percent, then 1.0 percent in Utah and Nevada.

In Virginia, home prices fell 0.2 percent from June, worse than any other state.

CoreLogic Inc. reported earlier this month that July 2017 home prices rose 0.9 percent from June and 6.7 percent from July 2016.

CoreLogic estimates that prices increased another 0.4 percent between July and August. From July 2017 to July 2018, CoreLogic predicts prices will increase 5 percent.

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Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

[email protected]

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