Keeping you up to date on the latest data releases.
The S&P Case-Shiller national housing price index rose a seasonally-adjusted 2.25 percent from the first to second quarter of this year, representing the largest quarterly increase since 2005:Q4. On an annual basis the national index expanded by 1.13 percent, the largest improvement since 2010:Q2. Both the 10- and 20-city monthly composite indexes showed positive growth for the second consecutive month and were up 1.01 percent and 0.94 percent, respectively. Over the past 12-months the 10- and 20-city indexes were relatively flat and are back to mid-2003 levels. This report marks the first time since the summer of 2010 that all three indexes showed positive annual growth rates.
The FHFA purchase-only housing price index rose 0.7 percent from May to June to an index level of 189.8. Over the past 12-months the index rose 3.7 percent, representing the largest annual gain since September 2006. Throughout the nation, annual price index changes ranged from an 11.1 percent increase in the Mountain region to a 0.4 percent decrease in both the New England and Middle Atlantic regions. On a quarterly basis the national purchase-only index rose 1.8 percent from the first to second quarter, marking the largest increase since 2010:Q4. Overall the June index is back to the June 2004 index level. This report also notes that strong appreciation in fewer distress sales in certain markets as well as declining mortgage rates likely accounts for the strong housing price increase.