Home Sales and Prices Are Still on the Rise

As the summer data is being recorded, home prices and home sales continue to rise. It’s no surprise with the low mortgage rates and increases in pending home sales.

The S&P Dow Jones Indices’ S&P CoreLogic Case-Shiller U.S. National Home Price Index data rose at a seasonally adjusted annual growth rate of 4.7% in July, after a 1.8% increase in June. As for a year-over-year basis, there was a 4.8% annual gain seen in July. The Federal Housing Finance Agency (FHFA) reported in their Home Price Index a 13.1% rise in the seasonally adjusted annual rate and a year-over-year 6.4% rise in the FHFA Home Price NSA Index in July. In fact, July reported a record largest monthly gain in existing homes sales. Home sales appreciation is mostly due to the huge demand and lack of home inventory.

As for the metro areas across the country, all but one saw home price appreciation in July. Los Angeles, CA saw the biggest increase at 14.5%, Portland, OR came in at 13.1%, Seattle, WA and Boston, MA both had an 11.6% increase, San Francisco, CA had a 9.9%, San Diego, CA a 9.8%, Washington, DC a 9.5%, Charlotte, NC a 9.0%, Phoenix, AZ an 8.4%, Atlanta, GA and Tampa, FL both at 5.6%, Cleveland, OH a 5.5%, Denver, CO a 5.2%, Dallas, TX a 4.9%, Minneapolis, MN a 3.8%, Las Vegas, NV a 3.7%, Miami, FL a 3.6% and Chicago, IL a 2.3%. New York, NY had a -3.9% decrease in July.

In July the National Association of Realtors‘ Pending Home Sales Index rose 5.9% to 122.1. It also reported a 15.5% sales increase on a year-over-year basis. In fact, all four regions saw an increase from 0.9% in the South to a 25.2% in the Northeast. This is a record high that has not been seen since 2014.

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