National home-price appreciation edged up 0.4% in September alongside marginal 0.1% gains in the 10-city and 20-city composite indices, according to the S&P CoreLogic Case-Shiller release Tuesday morning.
The national index, covering all nine census divisions, posted a 5.5% annual gain in September, up from August’s 5.1%, and exceeding levels seen before the housing bubble burst. The 20-City Composite and 10-City Composite posted increases year-over-year of 5.1% and 4.3%, respectively. Before seasonal adjustment, all three portions of the index edged up month-over-month, but at a fairly insignificant rate. After seasonal adjustment, the National Composite increased 0.8% month-over-month, the 20-city composite increased 0.4%, and the 10-city composite reported a 0.2% gain.
Among the cities in the 20-City Composite (after seasonal adjustment), all 20 cities experienced home price gains in September, up from the 14 cities reported in August. Year-over-year, 12 cities reported greater annual price gains for the 12 months ending in September 2016 versus August 2016, when 10 cities reported annual increases.
“The new peak set by the S&P Case-Shiller CoreLogic National Index will be seen as marking a shift from the housing recovery to the hoped-for start of a new advance” said David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “While seven of the 20 cities previously reached new post-recession peaks, those that experienced the biggest booms — Miami, Tampa, Phoenix and Las Vegas — remain well below their all-time highs.
“Other housing indicators are also giving positive signals: sales of existing and new homes are rising and housing starts at an annual rate of 1.3 million units are at a post-recession peak.“
Among all census regions, the Pacific Northwest and the West continue to be the strongest regions for housing growth.
Largest year-over-year price gains in August:
- Portland, Ore.: up 10.9%
- Seattle, Wash.: up 11.0%
- Denver, Colo.: up 8.7%
- Dallas, Texas: up 8.0%
- Tampa, Fla.: up 7.5%
- Miami, Fla.: up 6.7%
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