S&P CoreLogic Case-Shiller: Home Prices Gain as Expected on Annual Basis

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index for all 9 U.S. census divisions, increased 5.3% annually in August, up from 5.0%. The 10-City Composite posted a 4.3% annual increase, up from 4.1% the previous month. The 20-City Composite, which covered 20 major U.S. metropolitan areas rose on a year-over-year basis by 5.1%, up from 5.0% in July.

Home prices in the 20-City Composite matched monthly expectations laid out in the median forecast, while topped the year over year forecast of a 5% rise.

“Supported by continued moderate economic growth, home prices extended recent gains,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “All 20 cities saw prices higher than a year earlier with 10 enjoying larger annual gains than last month. The seasonally adjusted month-over-month data showed that home prices in 14 cities were higher in August than in July.

Portland, Seattle, and Denver reported the highest year-over-year gains among the 20 cities over each of the last seven months. In August, Portland led the way with an 11.7% year-over-year price increase, followed by Seattle at 11.4%, and Denver with an 8.8% increase. Ten cities reported greater price increases in the year ending August 2016 versus the year ending July 2016.