National home prices are continuing to exhibit seasonal strength, according to the S&P/Case-Shiller Home Price Indices’ data through July, released today. This marks the fourth consecutive month of increases for 10- and 20-city composites, with both up 0.9 percent in July over June. Both indices are back to their summer 2003 levels.
“With July’s data, we are seeing not only anticipated monthly increases, but some fairly broad improvement in the annual sales rates of change in home prices,” said David Blitzer, chairman of the index committee. “This is still a seasonal period of stronger demand for houses, so monthly price increased are expected and were seen in 17 of the 20 cities [in the report.]”
In Miami, prices rose by 1.2 percent month-over month but were down by 4.6 percent from last year.
— Katherine Clarke