[ad_1]
Numbers: The pace of rising house prices in much of the United States continued to slow in July, according to a major price barometer.
The S & P CoreLogic Case-Shiller 20 cities price index remained unchanged in July, after seasonal adjustment.
On an annual basis, the index increased only 2% compared to July 2018, down from 2.1% the previous month. This represents the rate of appreciation of the slower housing price since 2012.
What happened: Between June and July, house prices rose only in 14 of the 20 major cities followed by the Case-Shiller index, and most of these increases were relatively small.
Phoenix and Las Vegas continued to experience the most pronounced housing price growth in these cities over the past year, with respective increases of 5.8% and 4.7%. Charlotte surpassed Tampa for 3rd place, with a real estate price hike of 4.6%.
Other cities that experienced higher house price growth over the past year included Detroit (4.1%) and Minneapolis (4.2%).
Seattle continued to be the only city where home prices fell over the past year, but the rate of decline in home prices has slowed.
"The geographic tipping of real estate price growth is strongly consolidated across the country," said Ralph B. McLaughlin, Deputy Chief Economist and Director of Research and Understanding for CoreLogic. . "Pacific markets now make up the majority of the lowest-priced housing markets, while second-tier markets in the South and Midwest continue to dominate the country. This is the result of years of unprecedented but unsustainable growth along the west coast, combined with stubbornly strong growth that benefits regions initially excluded from recovery after the Great Recession. "
| subway station | Monthly change | Annual change |
| Atlanta | 0.1% | 4.0% |
| Boston | 0.2% | 3.9% |
| Charlotte | 0.3% | 4.6% |
| Chicago | 0.4% | 1.6% |
| Cleveland | 1.1% | 3.2% |
| Dallas | 0.2% | 2.7% |
| Denver | 0.0% | 3.1% |
| Detroit | 0.2% | 4.1% |
| Las Vegas | 0.7% | 4.7% |
| Los Angeles | -0.3% | 1.1% |
| Miami | 0.3% | 2.7% |
| Minneapolis | 0.7% | 4.2% |
| New York | -0.1% | 0.9% |
| Phoenix | 0.7% | 5.8% |
| Portland | 0.7% | 2.5% |
| San Diego | 0.7% | 2.0% |
| San Francisco | 0.0% | 0.2% |
| Seattle | 0.2% | -0.6% |
| Tampa | 0.4% | 4.5% |
| Washington | -0.1% | 2.7% |
The Case-Shiller national index indicates that house prices rose 3.2% in July from a year earlier, slightly higher than the 3.1% increase recorded the previous year.
The Federal Housing Finance Agency (FHFA) also released Tuesday its own house price index, which indicated that house prices had risen 0.4% on a monthly basis and 5% on a monthly basis. annual in July.
Big picture: Nationally, house prices are nearly 15% higher than the previous peak set in 2006, and 58% lower than in February 2012. Housing prices have risen mainly due to a shortage of inventory in the United States. most of the country, which has fueled competition among buyers.
As home prices hit new heights in many parts of the country, many potential buyers were excluded from the market. As a result, housing demand declined in these areas and inventories improved slightly.
At the same time, the steep decline in mortgage rates until the end of the summer has helped to alleviate affordability problems at margins, contributing to the recovery of the economy. home buying activity. In turn, the number of houses for sale could again decrease, which should drive up home prices in the coming months.
What they say: "Year-over-year house prices have continued to rise, but at ever-lower rates," said Philip Murphy, managing director and global head of index governance at S & P Dow Jones Indices. "Housing price increases have remained positive at less than 10% in most cities, and other fundamental factors point to renewed housing demand.
Market reaction: The Dow Jones Industrial Average
DJIA, -0.53%
rose slightly Tuesday, while the S & P 500 index
SPX, -0.84%
slightly downward. The 10-year Treasury
TMUBMUSD10Y, -0.05%
dropped to 1.69%.
[ad_2]
Source link