REAL ESTATE NEWS...HOME PRICE GAINS CONCENTRATED IN THE WEST

S&P Dow Jones Indices released the latest results for the S&P/Case-Shiller Home
Price Indices, the leading measure of U.S. home prices. Data released for July 2015 show that home prices continued their rise across the country over the last 12 months. 

The S&P/Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, recorded a slightly higher year-over-year gain with a 4.7 percent annual increase in July 2015 versus a 4.5 percent increase in June 2015. The 10-City Composite was virtually unchanged from last month, rising 4.5 percent year-over-year. The 20-City Composite had higher year-over-year gains, with an increase of 5 percent. San Francisco, Denver, and Dallas reported the highest year-over-year gains among the 20 cities with price increases of 10.4 percent, 10.3 percent, and 8.7 percent, respectively. Fourteen cities reported greater price increases in the year ending July 2015 over the year ending June 2015. San Francisco and Denver are the only cities with a double digit increase, and Phoenix had the longest streak of year-over-year increases. 

Before seasonal adjustment, the National Index posted a gain of 0.7 percent month over month in July. The 10-City Composite and 20-City Composite both reported gains of 0.6 percent month over month. After seasonal adjustment, the National index posted a gain of 0.4 percent, while the 10-City and 20-City Composites were both down 0.2 percent month over month. All 20 cities reported increases in July before seasonal adjustment; after seasonal adjustment, 10 were down, nine were up, and one was unchanged.

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