The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index’s 10-City Composite, which is an average of 10 metros (Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco and Washington, D.C.), rose 6 percent year-over-year, unchanged from December.
The 20-City Composite—which is an average of the 10 metros in the 10-City Composite, plus Atlanta, Charlotte, Cleveland, Dallas, Detroit, Minneapolis, Phoenix, Portland, Seattle and Tampa—rose 6.4 percent year-over-year, an increase from 6.3 percent in November.
“Since the market bottom in December 2012, the S&P Corelogic Case-Shiller National Home Price index has climbed at a 4.7 percent real—inflation adjusted—annual rate.
“Seattle, up 12.9 percent in the last year, continues to see the largest gains, followed by Las Vegas up 11.1 percent over the same period.
Even Chicago and Washington, the cities with the smallest price gains, saw a 2.4 percent annual increase in home prices.
Two factors supporting price increases are the low inventory of homes for sale and the low vacancy rate among owner-occupied housing.
Currently, the homeowner vacancy rate is 1.6 percent compared to an average of 2.1 percent since 2000; it peaked in 2010 at 2.7 percent.
“Affordability measures published by the National Association of REALTORS® show that a family with a median income could comfortably afford a mortgage for a median-priced home.” The complete data for the 20 markets measured by S&P Dow Jones: Atlanta, Ga. Month-Over-Month (MoM): 0.7% Year-Over-Year (YoY): 6.5% Boston, Mass.
MoM: 0.6% YoY: 7.6% Miami, Fla.
MoM: -0.4% YoY: 2.4% For the latest real estate news and trends, bookmark RISMedia.com.