Home Price Growth Continued in June

The 20-City CoreLogic Case-Shiller Composite Index increased 5.1% year-over-year in June, down from 5.3% in May. The 10-City Composite Index increased 4.3% annually, down from 4.4% in the previous month. The National Index, which covers all nine Census divisions increased by 5.1%, unchanged from last month.

On a seasonally adjusted monthly basis, both the 10 and 20-City Composites increased by 0.8%, while the National Index increased 1.0%

“Overall, residential real estate and housing is in good shape,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Sales of existing homes are running at about 5.5 million units annually with inventory levels under five months, indicating a fairly tight market. Sales of new single family homes were at a 654,000 seasonally adjusted annual rate in July, the highest rate since November 2007.”

Monthly home prices rose in nine of the twenty major cities covered by the index. Portland once again saw the largest gain with prices increasing 0.7% on a seasonally adjusted basis. In contrast, prices in Atlanta and Chicago fell 0.6%.

Read the S&P release.