Northwest Leads Increase In U.S. Home Prices

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MORTGAGE EXPERT
8 · 30 · 16

Home values moved higher last month both on a month-over-month and year-over-year basis, and the Northwest was out front of the gains.

As of June, the S&P CoreLogic Case-Shiller 20-City Composite Home Price Index was 189.87, according to data released Tuesday.

U.S. home prices have increased 0.8 percent compared to one month previous.
Home prices were 5.1 percent higher than a year previous.

The index stands 42 percent higher than the low reached in March 2012 but is still 8 percent below the July 2006 high.

Among the 20 largest metropolitan areas, Portland, Oregon, had the largest year-over-year increase from June 2015: 12.6 percent. Seattle’s 11.0 percent was next; then 9.2 percent in Denver, 8.9 percent in Dallas and 7.9 percent in Tampa, Florida.

A 2.0 percent rise in both New York and the District of Columbia was the smallest of the 20 cities tracked in the Case-Shiller report.

Another home-price index released Monday from Black Knight Financial Services indicated that the average
U.S. home price was $265,000 in June.

Black Knight’s average was up 0.8 percent from May and 5.3 percent higher than in June 2015.

Home prices in Carson City, Nevada increased 2.4 percent from May 2016, Black Knight reported, the most of any metropolitan statistical area.

No. 2 was the Cleveland MSA, where prices climbed 1.9 percent. After that was 1.8 percent in both Walla Walla, Washington, and Longview, Washington.

Last week, the Federal Housing Finance Agency reported that its seasonally adjusted national house price index was 234.8 as of June 2016

FHFA’s index increased 0.2 percent from the prior month and climbed 5.6  percent from a year prior.

On a quarterly basis, FHFA reports that second-quarter home prices in Oregon have risen 11.7 percent from the same period last year — the biggest gain of any state.

Washington home prices increased 10.4 percent, then Colorado’s 10.2 percent, Florida’s 10.0 percent and Nevada’s 9.7 percent.

With an 0.4 percent year-over-year decline, home prices in Vermont were the worst versus the second-quarter 2015.

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Mortgage Daily Staff

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