Home Prices Continue Runaway Gains, More Double-Digit Growth in June
Annual price gains remained at a double-digit pace in June. Both The S&P CoreLogic Case-Shiller indices and the Federal Housing Finance Agency’s (FHFA’s) House Price Index (HPI) showed further acceleration in the rate of increase. The growth rate in most of the Case-Shiller indices approached 2 percentage points in a month. Case-Shiller’s U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, reported a 18.6 percent annual gain in June, compared to 16.8 percent appreciation in May. The 10-City Composite rose 18.5 percent, up from 16.6 percent the previous month and the 20-City Composite posted a 19.1 percent year-over-year gain, a 2 point gain from May’s rate. It was the 13th straight month of price acceleration. Phoenix, San Diego, and Seattle were again the top gainers among the 20 cities tracked in June. Phoenix led the way for the 25th month, this time with a 29.3 percent year-over-year increase, followed by San Diego and Seattle at 27.1 percent and 25.0 percent, respectively. All 20 cities reported higher price increases in the year ending June 2021 versus the year ending May 2021.
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