US home prices steadily climb in June: Case-Shiller

Los Angeles /
Aug.August 31, 2016 10:00 AM

From the New York website: Home prices across the nation continued to climb in June, even as more prospective buyers decided to sit on the sidelines.

The S&P CoreLogic Case-Shiller Indices rose 5.1 percent in the 12 months ended in June, the Wall Street Journal reported. That was the same increase reported a month earlier in May.

The 10-city index – which covers places like New York City, Los Angeles and Miami – climbed 4.3 percent on the year, a slight dip from the 4.4 percent increase recorded in May.

The 20-city index – which adds like Atlanta, Dallas, and Portland, Ore., into the mix – recorded a gain of 5.1 percent in June, down from May’s 5.3 percent jump.

Over the past two years, home prices have grown around 5 percent “without any signs of slowing,” said David Blitzer, managing director of S&P Down Jones Indices.

As pricing continues to grow, however, the number of homes trading hands is down as buyers express concerns over affordability.

The pace of existing home sales dropped 3.2 percent in July from the previous month, according to the National Association of Realtors.

Economists are expecting that demand will continue to cool through the second half of the year, which will likely result in a chilling effect on price growth. [WSJ]Rich Bockmann


Related Articles

arrow_forward_ios
 (iStock, illustration by Shea Monahan for the Real Deal)Deal)
Does California know what time it is?
Does California know what time it is?
LA and OC see biggest jump in local inflation since 1980 (iStock, OC Register)
LA, OC combine for biggest jump in inflation since 1980
LA, OC combine for biggest jump in inflation since 1980
Digital Age dichotomy: How housing market can be unaffordable, undervalued at same time
Digital Age dichotomy: How housing market can be unaffordable, undervalued at same time
Digital Age dichotomy: How housing market can be unaffordable, undervalued at same time
Southern California’s housing market undoubtedly cooling (Getty)
SoCal home sale prices inch down…but they’re still high
SoCal home sale prices inch down…but they’re still high
The L.A. County median of $790,000 was 23 percent higher than last June (Getty)
SoCal home prices reach yet another record high in June
SoCal home prices reach yet another record high in June
Prices may be pushed up by a lack of inventory (Getty)
SoCal home prices hit another record high in May
SoCal home prices hit another record high in May
(iStock)
SoCal home sales kept rising in April
SoCal home sales kept rising in April
Fewer homes are selling across Southern California, but low supply helped push pricing up across the region.
Far fewer SoCal homes traded in April, but prices rose
Far fewer SoCal homes traded in April, but prices rose
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...