Home prices rose dramtically in December, according to the S&P CoreLogic/Case-Shiller Indices.
U.S. National Home Price NSA Index’s 10-CityComposite, which is an average of 10 metros (Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco and Washington, D.C.), rose 6 percent year-over-year, mirroring November, which posted the same.
The 20-City Composite-which is an average of the 10 metros in the 10-CityComposite, plus Atlanta, Charlotte, Cleveland, Dallas, Detroit, Minneapolis, Phoenix, Portland, Seattle and Tampa-rose 6.3 percent year-over-year, adecline from 6.4 percent in November.
S&P Chairman of the Index Committee and Managing Director, David M. Blitzer, believes housing and inflation are on similar trajectories, but homeprices are in the lead-vastly.
“The rise in home prices should be causing the same nervous wonder aimed atthe stock market after its recent bout of volatility,” says Blitzer.
“Across the 20 cities covered by S&P Corelogic Case Shiller Home Price Indices, the average increase from the financial crisis low is 62 percent; over the sameperiod, inflation was 12.4 percent. None of the cities covered in this release sawreal, inflation-adjusted prices fall in 2017“.
The National Association of REALTORS®, has found that existing-home sales fell 3.6 percent in December and 3.2 percent in January-the latter the lowest in more than three years.