Home Prices Continue Up, NY Sees Big Monthly Gain

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MORTGAGE EXPERT
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As home values near pre-crisis levels, the Northwest led the gain from a year earlier. But New York state had a strong month-over-month showing.

One widely watched measure of U.S. house
prices, the S&P CoreLogic Case-Shiller Composite-20 Home Price Index, landed at 190.91 in July.

The index, which was reported on Tuesday, inched up 0.6 percent versus the previous month. Compared to a year previous, it increased 5.0 percent.

Since the 20-city index peaked in July 2006, values are still down 8 percent. But prices have ascended 42 percent since the low in March 2012.

From July 2015 to July 2016, home prices in Portland, Oregon, have climbed 12.4 percent — the most of any of the 20-largest metropolitan statistical areas.

An 11.2 percent year-over-year gain was recorded for Seattle, while Denver’s prices increased 9.4 percent, Dallas’ index was up 8.3 percent and Tampa, Florida’s, prices were up 7.8 percent.

Home prices in New York inched 1.7 percent higher from a year earlier, the smallest gain of the 20 MSAs.

Black Knight Financial Services
released its Black Knight HPI Report on Monday indicating that average U.S. home prices were $266,000 in July.

House prices inched up 0.4 percent from June and have risen 5.3 percent from July 2015.

Black Knight’s data indicate that prices are just 0.8 percent less than their June 2006 peak and a third more than their January 2012 low.

New York’s
1.1 percent increase in home prices from June was the biggest month-over-month gain for any state.

Minnesota followed with a 1.0 percent increase, then Utah’s 0.9 percent, Rhode Island’s 0.8 percent and Wisconsin’s 0.8 percent.

An 0.1 percent decline in Missouri was the only drop in home prices among all states.

On Sept. 22, the Federal Housing Finance Agency released its monthly HPI, which  is calculated using home sales data on mortgages acquired or guaranteed by Fannie Mae and Freddie Mac

FHFA’s
index indicates that U.S. home prices moved up 0.5 percent  between June and July and increased 5.8 percent from July 2015.

Compared to a year earlier, FHFA reported that home prices have increased 7.7 percent in the Pacific region — the biggest gain. Also reaching at least 7 percent were the Mountain region (7.3 percent) and the South Atlantic region (7.0 percent).

A 2.6 percent year-over-year increase in the Middle Atlantic region was the smallest of any region.

Mortgage Expert

Mortgage Daily Staff

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