Home prices rose again in December, accelerating modestly into year-end. Gains were once again broad nationally. The hottest markets - Seattle, Vegas and San Francisco remain strong, but the weaker markets are starting to accelerate a bit too. Only Washington DC and Chicago are still seeing year-on-year gains below 4%. Overall, tight supply conditions were causing a moderate acceleration in home prices in late 2017, and most sales data suggest that should continue into 2018.
20-City Home Price Index ROSE by 0.6% (seasonally adjusted) in December to 205.8, compared with market expectations for an increase of 0.6%.
- Home prices are 6.3% ABOVE their year ago level.
- Nationwide home prices are now just 0.4% BELOW their April 2006 peak, near late 2005 levels and 50.4% ABOVE their January 2012 trough.
On a non-seasonally adjusted basis, the home price index ROSE by 0.2% on the month.
Housing prices rose in 20 of the 20 metro areas in December (on a seasonally adjusted basis) and in 20 of 20 metro areas on a year-over-year basis.
Washington DC had the smallest year-over-year increase at 3.5% while Seattle had the largest year-over-year increase at 14.1%.