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US home prices continued to rise in June 2016, according to new data released today by S&P/Case-Shiller. The price increase is on par with the rate levels have risen over the last two years according to the Case-Shiller Indices data.
The national home price index reported a 5.1 percent increase in June 2016 year-over-year, and remains unchanged from the previous month.
The 10-city index, which looks at 10 large US cities, showed a 4.3 percent increase year-over-year, down marginally from the 4.4 percent increase seen in May.
Meanwhile, the broader 20-city index revealed a 5.1 percent year-over-year gain, a slight drop from the 5.3 percent increase seen in the previous month.
Among the 20 large cities studied, Portland, Seattle, and Denver reported the highest year-over-year gains over each of the last five months. Portland led the way in June with a 12.6 percent year-over-year price increase, followed by Seattle at 11.0 percent, and Denver with a 9.2 percent increase.
Before seasonal adjustment, the national index rose 1 percent in June month-over-month, while both the 20-city and 10-city indexes rose 0.8 percent.
After seasonal adjustment, the national index recorded a 0.2 percent month-over-month increase, and both the 10-city index and 20-city index posted 0.1 percent month-over-month decreases.
“Home prices continued to rise across the country led by the west and the south,” said David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices, in a press release.
“In the Pacific Northwest, prices are rising at more than 10% but in the slower Northeast, prices are climbing a bit faster than inflation. Nationally, home prices have risen at a consistent 4.8% annual pace over the last two years without showing any signs of slowing,” he added.
The seller’s market is likely to continue, very little signs of reversing, Svenja Gudell, Zillow chief economist, told Forbes.
You can read the entire S&P/Case-Shiller report here.