The closely watched Standard & Poor’s/Case-Shiller Home Price index shows prices are up 63% in the metro region since their lowest point in April 2011.
Advertisement
Chicago-area home prices rose 3.1 percent year-over-year in April, putting them on a par with where they were in November 2003, according to the S&P/Case-Shiller home price index. Rising prices have also been tempered by ultra-low mortgage rates, which have held monthly loan payments in check.
Metro Monthly change 12-month change Atlanta 1.3% 6.5% Boston 1.5% 5.7% Charlotte 1.7% 5.0% Chicago 2.0% 3.1% Cleveland 1.0% 2.9% Dallas 1.3% 8.6% Denver 1.4% 9.5% Detroit 1.3% 5.7% Las Vegas 0.6% 5.7% Los Angeles 0.8% 5.9% Miami 1.1% 6.4% Minneapolis 1.9% 4.8% NY 0.3% 2.6% Phoenix 0.7% 5.5% Portland 1.7% 12.3% San Diego 0.8% 6.3% San Francisco 1.5% 7.8% Seattle 2.1% 10.7% Tampa 0.9% 7.8% Washington 1.8% 1.9%.
Portland, Oregon, led the gains in April with a 12.3-percent increase.
Elsewhere in California, home prices in Los Angeles rose at the same rate in April as in San Diego, but San Francisco prices grew by 1.5 percent.
The 10-city index gained 4.7% from a year earlier compared with 4.8% last month, and the 20-city index gained 5.4% year-over-year, compared with 5.5% in March. A total of 15 cities registered price increases in April, with two cities unchanged, and three cities recording lower prices – compared to only one city in March.
The month-over-month increases for all three price indices were essentially flat on a seasonally adjusted basis – ranging from 0.1 percent to 0.5 percent.
On an unadjusted basis, the national index increased 1.0% month-over-month.
Portland saw its home prices increase 12.3%, year-over-year, followed by Seattle at 10.7% and Denver with a 9.5% increase.
Advertisement
“Today’s Case-Shiller data shows continued fast growth in the housing market, but there is also a growing divide between the top and bottom of the market that the Case-Shiller numbers don’t reveal”, Zillow Chief Economist Svenja Gudell said. “Given last week’s Brexit news and the ensuing market reaction, it doesn’t look like interest rates are going to rise meaningfully any time soon, which means it will remain cheap to finance a home for those that can afford one”.
