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Home Prices on the Rise

The latest results from the S&P/Case-Shiller Home Price Indices are in, and once again American home prices continue to rise across the country for the 12th month in a row.

The S&P/Case-Shiller U.S. National Home Price Index covers all U.S. census divisions. Over the 9 census divisions, a 5.0 percent annual gain was reported. A 4.7 percent annual increase was reported for the 10-City Composite, while the 20-City Composite reported an annual gain of 5.4 percent.

On a national level, Portland, Denver, and Seattle reported the highest annual gains of the 20 cities included in the Index. In addition, 15 cities experienced a rise in home prices, while 3 cities experienced a drop in prices and 2 cities remained unchanged.

According to David M. Blitzer, the Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices, “The home price increases reflect the low unemployment rate, low mortgage interest rates, and consumers’ generally positive outlook. One result is that an increasing number of cities have surpassed the high prices seen before the Great Recession.”

Bill Banfield, vice president of Quicken Loans, adds, “Home price growth continues to be driven by an improving employment picture and historically low interest rates.”

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