The latest results for the S&P CoreLogic Case-Shiller Indices, released by S&P Dow Jones Indices, indicates home prices continued their rise across the country in September 2016, continuing the improvements seen over the last 12 months.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, surpassed the peak set in July 2006 as the housing boom topped out. The National Index reported a 5.5 percent annual gain in September. The 10-City Composite posted a 4.3 percent annual increase. The 20-City Composite reported a year-over-year gain of 5.1, unchanged from August.
Seattle, Portland and Denver reported the highest year-over-year gains among the 20 cities over each of the last months. Twelve cities reported greater price increases in the year ending September 2016 vs. the year ending August 2016.
Before seasonal adjustment, the National Index posted a month-over-month gain of 0.4 percent in September. After seasonal adjustment, the National Index recorded a 0.8 percent month-over-month increase. Fifteen of 20 cities reported increases in September before seasonal adjustment; after seasonal adjustment; all 20 cities saw prices rise.
“The new peak set by the S&P Case-Shiller CoreLogic National Index will be seen as marking a shift from the housing recovery to the hoped-for start of a new advance,” says David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. “While seven of the 20 cities previously reached new post-recession peaks, those that experienced the biggest booms — Miami, Tampa, Phoenix and Las Vegas — remain well below their all-time highs. Other housing indicators are also giving positive signals: sales of existing and new homes are rising, and housing starts at an annual rate of 1.3 million units are at a post-recession peak.”
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