Florida Metros Lead Monthly Home Price Growth

Mortgage News

Mortgage Daily Staff

                                                 December 27, 2016

On a month-over-month basis, cities in Florida dominated home price gains. On a year-over-year basis, a pair of Northwest cities continued to lead.

As of October of this year, the
S&P CoreLogic Case-Shiller Composite-20 Index came in at a level of 191.79, rising 0.1 percent from the prior month.

An even more substantial increase has been recorded for the index compared to the same month last year, with a 5.1 percent year-over-year increase.

The report, released Monday, indicates that
the index is 7 percent shy of the peak reached in July 2006.

Home prices stand 43 percent higher than the lows from March 2012.

David M. Blitzer, managing director and chairman of S&P Dow Jones Indices’ index committee, said that interest rates on mortgages are rising as home prices are outpacing gains in wages and personal income. In addition, affordability has dropped between 20 percent and 30 percent since home prices bottomed out in 2012.

“With the current high consumer confidence numbers and low unemployment rate, affordability trends do not suggest an immediate reversal in home price trends,” Blitzer stated in the report. “Nevertheless, home prices cannot rise faster than incomes and inflation indefinitely.”

In Seattle, home prices have ascended 10.7 percent from October 2015 — the biggest year-over-year improvement of any of the 20 cities tracked. Portland was up 10.3 percent, followed by 8.3 percent in Denver, 8.1 percent in Dallas and
7.8 percent in Tampa, Florida.

The weakest gain among the 20 cities was 1.7 percent in New York.

Another HPI, the Black Knight Home Price Index, indicated that the average U.S. home price was $266,000 as of October 2016.

The index, which is based on repeat sales data from public records, inched up 0.2 percent from September. The gain from a year earlier was 5.6 percent — the 54th consecutive month of year-over-year increases.

Three states — New York, Florida and Washington — saw increases from the prior month of 0.7 percent, more than all other states. Next was New Jersey’s 0.6 percent and Idaho’s 0.5 percent.

Compared to a month earlier,
prices in five Florida metropolitan areas were up more than any other areas: Daytona Beach’s 1.2 percent, Punta Gorda’s 1.2 percent, Lakeland’s 1.1 percent, Homosassa Springs’ 1.0 percent and Tampa’s 1.0 percent. A total of eight Florida metropolitan areas were among the 10-best performing areas.

Mortgage Daily Staff

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