Home Prices Continue to Climb in June, Up 10% in Q2

Housing data through June 2013 shows that home prices continue to increase nationally, according to the latest readings from the S&P/Case-Shiller Home Price Indices. 

The National Index grew 7.1% in the second quarter and 10.1% compared to the same period in 2012.

All 20 cities recorded by Case-Shiller’s 20-City Composites posted gains on a monthly and annual basis, however, only six cities had home prices that rose faster in June than in the previous month. 

In June 2013, the 10- and 20-City Composites posted annual increases of 11.9% and 12.1%, respectively.

“National home prices rose more than 10% annually in each of the last two quarters,” said David M. Blitzer, chairman of the Index Committee at S&P Down Jones Indices. “However, the monthly city by city data show the pace of price increases is moderating.”

Dallas and Denver reached new all-time highs as they did in May, with returns of 1.7% each in June.

Meanwhile, San Francisco’s rebound is the largest, rising 47% from its low in March 2009. Phoenix had the second-largest price rebound, up 37.1% from its September 2011 low. 

“The Southwest and California have consistently led the recovery with Las Vegas, Los Angeles, Phoenix and San Francisco posting at least 15 months of gains,” said Blitzer.

In terms of annual rates of change, San Francisco was beat by Las Vegas, which showed the highest post-recession gain of 24.9%. 

The data from Case-Shiller indicates that while home prices are rising on a national scale, the pace at which they increase might be slowing down, noted Blitzer, especially given that 13 out of 20 cities saw their returns weaken from May to June. 

“Other housing news is positive, but not as robust as last spring,” said Blitzer. “Starts and sales of new homes continue to lag the stronger pace set by existing homes. Despite recent increases in mortgage interest rates, affordability is still good as credit qualifications have eased somewhat.”

Written by Jason Oliva

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