The National Home Price Index, which measures all nine USA census divisions, ticked up at a faster annual pace in July than the previous month, rising by 4.7 percent.
Advertisement
The 10-city index gained 4.5% from a year earlier, compared with a 4.6% increase in June.
The overall national price index rose slightly to a year-over-year gain of 4.5 percent.
Prices of homes rose solidly nationwide in July but the pace cooled a bit, the S&P/Case-Shiller Home Price Indices reported Tuesday. Just three cities posted year-over-year gains of 3% or less during May: Washington, D.C., home prices rose 1.7%; Chicago posted a gain of 1.8%; and New York City registered a price hike of 1.9%. Both cities saw greater than 10 percent increases.
“The S&P/Case Shiller National Home Price Index has risen at a 4% or higher annual rate since September 2012, well ahead of inflation”, he added.
Much of the strength in home prices was seen in Western states, Blitzer noted. Phoenix reported an increase of 4.6 percent in July 2015, the eighth consecutive year-over-year increase.
Blitzer said that the improving housing sector was a major contributor to a gross-domestic-product growth rate of 3.9 percent in the second quarter. Higher home prices also bring down the number of those Americans who owe more than their homes’ worth on their mortgages, a condition which is typically known as being “under water”. The Sunbelt cities-Miami, Tampa, Phoenix and Las Vegas-which were the poster children of the housing boom, have yet to make new all-time highs. This index compares prices with that of January 2000 and generates a 3-month moving average.
Advertisement
For more information about S&P Dow Jones Indices, please visit www.spdji.com. It is not possible to invest directly in an index. The EconoTimes content received through this service is the intellectual property of EconoTimes or its third party suppliers.
