Home prices across the US continued higher in April but at a slower pace than the previous month.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index was up 6.4% year-over-year compared to 6.5% in March; he 10-City Composite annual gain was 6.2% (6.4% in March); and the 20-City Composite increased 6.6% (6.7% in March).
Once again it was Seattle (13.1%), Las Vegas (12.7%), and San Francisco (10.9%) that posted the largest gains.
The national index gained 1% month-over-month before seasonal adjustment, with a 0.6% gain for the 10-City Composite and 0.8% gain for the 20-City. After seasonal adjustment, the monthly gains were 0.3%, 0.1% and 0.2% respectively.
“The favorable economy and moderate mortgage rates both support recent gains in housing,” says David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. “One factor pushing prices up is the continued low supply of homes for sale. The months-supply is currently 4.3 months, up from levels below 4 months earlier in the year, but still low.”
| |
2006 Peak
|
2012 Trough
|
Current
|
|
Index
|
Level
|
Date
|
Level
|
Date
|
From Peak (%)
|
Level
|
From Trough (%)
|
From Peak (%)
|
|
National
|
184.62
|
Jul-06
|
134.00
|
Feb-12
|
-27.4%
|
200.86
|
49.9%
|
8.8%
|
|
20-City
|
206.52
|
Jul-06
|
134.07
|
Mar-12
|
-35.1%
|
210.17
|
56.8%
|
1.8%
|
|
10-City
|
226.29
|
Jun-06
|
146.45
|
Mar-12
|
-35.3%
|
223.70
|
52.7%
|
-1.1%
|
"Looking back to the peak of the boom in 2006, 10 of the 20 cities tracked by the indices are higher than their peaks; the other ten are below their high points. The National Index is also above its previous all-time high, the 20-city index slightly up versus its peak, and the 10-city is a bit below,” adds Blitzer.
However, he says that adjusted for inflation since 2006, only three cities – Dallas, Denver and Seattle – are ahead in real, or inflation-adjusted, terms.
The National Index is 14% below its boom-time peak and Las Vegas, the city with the longest road to a new high, is 47% below its peak when inflation is factored in.
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