S&P CoreLogic Case-Shiller: Home Prices Increase More Moderately in June

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index covering all nine U.S. census divisions rose 6.2% annually in June, down from 6.4% in the previous month. The 10-City Composite increased annually by 6.0%, down from 6.2% in the previous month.

The 20-City Composite posted a 6.3% year-over-year gain, down from 6.5% in the previous month.

“Home prices continue to rise across the U.S.” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “However, even as home prices keep climbing, we are seeing signs that growth is easing in the housing market.”

Las Vegas, Seattle and San Francisco led the gains in the report with the highest year-over-year gains among the 20 cities. In June, Las Vegas saw a 13.0% year-over-year increase in home prices, followed by Seattle and San Francisco with increases of 12.8% and 10.7%, respectively.

Six of the 20 cities reported greater price increases in the year ending June 2018 juxtaposed to the year ending May 2018.

“Sales of both new and existing homes are roughly flat over the last six months amidst news stories of an increase in the number of homes for sale in some markets,” Mr. Blitzer added. “Rising mortgage rates – 30 year fixed rate mortgages rose from 4% to 4.5% since January – and the rise in home prices are affecting housing affordability.”