Large Metro Areas see Home Prices Rise, says S&P Case Shiller

The S&P/Case Shiller Home Price Indices show an average price growth year-over-year in August of 12.8 percent for the 10-and 20-city composites, according to HousingWire. On a monthly basis, the composites rose 1.3 percent in August, with Las Vegas hitting 2.9 percent, its highest rate since August 2004. Detroit and Los Angeles were close behind with two percent growth rates in August. With all 20 cities reporting positive year-over-year returns, 13 saw double-digit annual gains. David Blitzer of the S&P Dow Jones Indices says, “The monthly percentage changes for the 20-City composite show the peak rate of gain in home prices was last April. Since then home prices continued to rise, but at a slower pace each month. This month 16 cities reported smaller gains in August compared to July. Recent increases in mortgage rates and fewer mortgage applications are two factors in these shifts.” Analysts with Econoday say, “Home-price appreciation is a plus of course for homeowner wealth but higher prices are a big negative for home sales, a factor that is apparent in a run of home sales data including yesterday’s very weak pending home sales report.” As MHProNews reported Oct. 28, pending home sales dropped six percent in September.

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