In its latest monthly report of single family home prices in 20 metros, the S&P CoreLogic Case Shiller Home Price Index indicates that 50%, or 10 of 20 of those cities are seeing the highest home prices ever. San Diego, with a monthly price increase of +1.1% and a yearly price increase of +7.6%, and Los Angeles, with a monthly price increase of +1.03% and a yearly price increase of +8.3%, lead the pack.
Rounding out the 10 of 20 cities seeing all time home price highs are Atlanta, Boston, Charlotte, Dallas, Denver, Portland, San Francisco and Seattle.
The 10 cities not seeing all time home price increases are Cleveland, Chicago, Detroit, Las Vegas, Miami, Minneapolis, New York, Phoenix, Tampa and Washington DC.
According to this latest S&P CoreLogic Case Shiller Home Price Index, home price increases show no sign of slowing in the coming months. Such rising home prices are similar to home price increases that were happening 15 years prior to the financial crisis.
Two questions to ask about the homebuyers themselves are “how old are they” and “what is their marital status.”
According to data from the National Association of REALTORS (NAR), 36% of the homebuyers are Millennials, 37 years and younger. Gen Xers, ages 38-52, are 26% of homebuyers. Young Boomers, ages 53-62, are 18% of homebuyers. Older Boomers, ages 63-71, are 14% of homebuyers and the Silent Generation, ages 72-92, are 6% of homebuyers.
Also according to NAR, married couples represent the largest category of homebuyers. Among Millennials, unmarried couples represent the second largest category among homebuyers. This is the only age group in which unmarried couples bought more than unmarried women or unmarried men.
