Home prices jumped 19.7% annually in July, up from the 18.7% increase in June, according to the S&P CoreLogic Case-Shiller national income home price index.
Source: S&P Dow Jones Indices
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The 10-City Composite increased by 19.1% from 18.5% in the previous month. The 20-City Composite increased by 19.9% YoY, from 19.1% in the last month.
Phoenix, San Diego, and Seattle posted the strongest price increases of the 20 cities. Prices in Phoenix rose by 32.4% year-over-year. In San Diego, they increased by 27.8%, and in Seattle, they rose by 25.5%.17 of the 20 cities reported an increase in prices YoY.
Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI stated that there might be some secular change in local preferences, causing a permanent shift in the demand curve for housing.
Lazzara further noted that July’s 19.7% price increase for the National Composite is the highest figure in over 30 years of S&P Case-Shiller data.