Default Blog Template

SMARTblog Social Media Marketing Automation

  • About Us
  • Blog
  • Testimonials
  • Contact Us

Case-Shiller: Home Prices Continue to Outpace Inflation

August 26, 2015 by Mikel Erdman

You Ask, We Answer: How the New FICO Score System Might Impact a Typical Mortgage BorrowerDenver, Colorado continues to woo homebuyers as home prices rose by 10.20 percent as of June according to the Case-Shiller 20-City Home Price Index. The Mile-High City was the only city included in the index that posted double-digit year-over-year growth in June. San Francisco, California posted a 9.50 percent year-over-year gain in home prices and Dallas, Texas rounds out the top three cities posting highest year-over-year home price growth with a reading of 8.20 percent.

Denver’s home prices were impacted by the city’s rapidly expanding economy and demand for homes coupled with a slim supply of homes for sale. According to the National Association of Realtors®, there is approximately one month’s inventory of homes available in Denver as compared to the national average of five months. 

Cities experiencing the least year-over-year growth in home prices according to the 20-City Home Price Index were Chicago, Illinois with a year-over-year growth rate of 1.40 percent, Washington D.C. with a year-over-year reading of 1.60 percent in home price growth and New York, New York with a reading of 2.80 percent growth in home prices year-over-year.

The 20-City Index indicated national home prices grew by five percent year-over-year in June, with a month-to-month increase of one percent from May to June.

Detroit Leads Gains in Month-to-Month Home Prices 

Detroit, Michigan led month-over-month home price growth with a May to June reading of 1.80 percent. Cleveland, Ohio and Portland Oregon posted month-to-month gains of 1.50 percent followed by Atlanta, Georgia and Denver Colorado; each city posted month-to-month home price gains of 1.30 percent. 

As economic conditions continue to improve, prospective homebuyers face obstacles including tight mortgage approval standards and home prices growing at approximately twice the rate of inflation.

FHFA: Home Prices Dip in June

The Federal Housing Finance Agency reported that home prices associated with mortgages owned or backed by Fannie Mae and Freddie Mac slipped to a year-over year growth rate of 5.60 percent in June as compared to May’s reading of 5.70 percent. The agency also reported that home prices rose by 1.20 percent during the second quarter of 2015; this was the sixteenth consecutive quarterly increase in home prices.

FHFA Principal Economist Andrew Leventis noted that home prices continued to exceed inflation and were rising in spite of higher mortgage rates.

In general, analysts regard longer term readings as more reliable than month-to-month readings that reflect more volatility based on day-to-day influences.

Filed Under: Market Outlook Tagged With: Case Shiller, Fannie Mae, Federal Housing Finance Agency, FHFA, Freddie Mac

About Mikel Erdman

Mikel Erdman is the founder of MySMARTblog and RealtyBlogContent. He is a published author and speaking authority on topics including marketing automation and how technology can positively affect company and individual sales efforts.
If you like the idea of world-class content marketing in a completely automated system, Click Here for his valuable, limited time offer.

Previous Posts

  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013

Recent Articles

  • Home Builder Sentiment Unchanged in November
  • Staging Tips: 5 Interior Paint Colors That Will Help You Sell Your Home Faster
  • Applying for a Mortgage? 3 Easy Ways to Make the Process Easier — and Reduce Your Stress
  • What’s Ahead For Mortgage Rates This Week – November 14, 2016

Copyright © 2023 · Powered by MySMARTblog