Home Price Gains Were Hot in June as Seattle Sizzled, Case-Shiller Says

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U.S. home price growth picked up steam in June as strong demand continued to buoy the market.

The S&P/Case-Shiller 20-city index rose a seasonally adjusted 5.7% in the three-month period ending in June, compared with a year ago, the same rate of change as in May. The national index rose 5.8%, compared with a year ago, up from a 5.7% annual increase in May.

Case Shiller home prices

Nine cities had stronger annual price growth in June than in May, and western metros remained on top, with annual price gains ranging from 13.4% in Seattle to 7.7% in Dallas. Seattle prices are rising so rapidly that they have left No. 2 Portland in the dust, S&P Dow Jones Indices noted in a release.

Metro Monthly change 12-month change
Atlanta 0.6% 5.3%
Boston 0.7% 6.2%
Charlotte 0.8% 6.0%
Chicago 0.9% 3.2%
Cleveland 0.6% 2.9%
Dallas 0.8% 7.7%
Denver 0.8% 7.6%
Detroit 1.5% 7.6%
Las Vegas 1.0% 7.3%
Los Angeles 0.7% 5.6%
Miami 0.4% 5.0%
Minneapolis 1.0% 5.7%
New York 0.6% 3.9%
Phoenix 0.8% 5.8%
Portland 0.9% 8.2%
San Diego 0.9% 7.1%
San Francisco 0.7% 6.1%
Seattle 1.4% 13.4%
Tampa 0.5% 6.9%
Washington 0.7% 3.1%

 

The national price index reclaimed its 2006 peak last fall, but the closely watched 20-city index is still about 2.9% shy of that bubble-era peak.

Earlier in August, data provider CoreLogic released its own home price index, which showed prices rose 6.7% for the year in June. In contrast, the Case-Shiller index is a three-month rolling average of prices.

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