The S&P/Case Schiller released their 20-City Home Price Composite Index today. On a monthly basis, the National Index and Composite Indices showed a slight increase of 0.2% for the month of August. Detroit led the cities with the gain of 0.8%, followed by Dallas, Denver
and Las Vegas at 0.5%. Gains in those cities were offset by a decline of 0.4% in San Francisco followed by declines of 0.1% in Charlotte and San Diego.
The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.1% annual gain in August 2014. The 10- and 20-City Composites posted year-over-year increases of 5.5% and 5.6%.
“Despite softer price data, other housing data perked up. September figures for housing starts, permits and sales of existing homes were all up. New home sales and builders’ confidence were weaker. Continued labor market gains, low interest rates and slower increases in home prices should support further improvements in housing" says David M. Blitzer, Chairman of the Index
Committee at S&P Dow Jones Indices.
As of August 2014, average home prices across the United States are back to their levels
posted in the spring of 2005. The National Index was up 0.2% in August 2014 and 5.1% above August 2013.
All cities except Cleveland saw their annual gains decelerate. Las Vegas showed the most weakness in its year-over-year return; it went from 12.8% in July to 10.1% in August. As a result, Las Vegas
lost its leadership position as it moved to second place behind Miami with a 10.5% year-over-year
gain. San Francisco posted 9.0% in August, down from its double-digit return of 10.5% in July.
All cities except Boston and Detroit posted lower monthly returns in August compared their returns reported for July. San Francisco showed its largest decline since February 2012; it was the only city that showed a negative monthly return two months in a row from -0.3% in July to -0.4% in August.
Marc Blitstein has been a licensed Real Estate Agent since 2004. Real estate experience has been in employee relocation, residential property, short sales, investment property, and bank owned property....
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