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Case-Shiller Home Prices:  Steady Trend

August 29, 2017
Bottom Line: Prices rose as expected in June, holding near the trend rate of 5.5% year-on-year. Prices in the weakest markets, including the Chicago, Cleveland and New York metropolitan markets fell in June, while the strongest markets, Seattle, Portland and Dallas, rose again. Overall the trend remains toward modest home price gains (averaging 5.5 - 6% nationwide) as inventory of homes available for sale remains historically tight.

Case Shiller 20-City Home Price Index ROSE by 0.1% (seasonally adjusted) in June to 198.6, compared with market expectations for an increase of 0.1%. Home prices are 5.7% ABOVE their year ago level. Nationwide home prices are now just 3.9% BELOW their April 2006 peak, near April 2005 levels and 45.2% ABOVE their January 2012 trough.

On a non-seasonally adjusted basis, the home price index ROSE by 0.7% on the month. Housing prices rose in 16 of the 20 metro areas in June (on a seasonally adjusted basis) and in 20 of 20 metro areas on a year-over-year basis.

Chicago had the smallest year-over-year increase at 2.8% while Seattle had the largest year-over-year increase at 14.2%.