East Leads Month-Over-Month Home Price Gains

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2 · 08 · 17

While the most-impressive year-over-year gains in residential property values have been on the West Coast, the East leads month-over-month appreciation.

At 241.3 as of November 2016, the U.S. purchase-only Federal Housing Finance Agency Home Price Index was 0.5 percent more than the prior month.

But more substantial
appreciation has taken place compared to the same month in 2015, with a 6.1 percent year-over-year rise reported by the regulator.

FHFA’s data is a seasonally adjusted and calculated based on home sales price information on loans acquired or guaranteed by Fannie Mae and Freddie Mac.

Home prices from October 2016 to November 2016 were up in the Pacific Region by 1.5 percent — more than any other region — FHFA reported. A less than 1 percent dip in the South Atlantic area was the worst month-over-month performance of nine total regions.

S&P Dow Jones Indices’ S&P CoreLogic Case-Shiller 20-City Index was 192 as of November 2016, creeping up less than a percent from a month earlier and expanding 5.3 percent from a year earlier.

Compared to the peak reached in July 2006, the 20-city index down 7 percent, while it is up 43 percent from the trough in March 2012.

The S&P CoreLogic Case-Shiller U.S. National Index, which covers all nine U.S. census divisions, was 185 during the most-recent month — a new peak based on data back to 27 years.

From November 2015 to November 2016, home prices in Seattle skyrocketed more than 10 percent — the most of any of the 20-largest metropolitan areas.
Close behind in the Case-Shiller report was Portland, with annual growth that also exceeded a 10th. After that was 8.7 percent in Denver and 8.1 percent in both Dallas and Tampa, Florida.

The weakest gain from a year previous was 2.4 percent in New York.

In November, Black Knight Financial Services’ HPI report
had current U.S. values averaging $267,000. That was a less than 1 percent increase from the previous month and a 5.7 percent improvement from the same month in the previous year.

Black Knight said home prices are within 1 percent of their June 2006 peak and more than a third higher than the January 2012 low.

Month-over-month price increases were led by the Northeast, according to Black Knight’s report.
Between October and November of last year, New York’s home prices were up 1.1 percent — the biggest increase. Next was New Jersey’s 0.9 percent, Tennessee’s 0.9 percent, Idaho’s 0.6 percent and Utah’s 0.5 percent.

With an 0.5 percent month-over-month decline, Wisconsin had the worst metric of any state.

Mortgage Expert

Mortgage Daily Staff



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