The latest S&P CoreLogic Case-Shiller National Home Price NSA Index tells us that home prices across the US rose +6.5% during March 2018. This +6.5% gain matched home price gains the previous month.
CoreLogic’s Case Shiller Index noted a +6.5% gain within its 10 City Composite (up from 6.4% the previous month) and a +6.8% year/year gain within its 20 City Composite, no change from the previous month.
The leaders of the pack among the 20 City Composite continue to be Seattle, Las Vegas and San Francisco. Specifically,
– Seattle has a +13.0% year/year price increase…the largest gains of any city for the last 19 month;
– Las Vegas has a +12.4% year/year price increase;
– San Francisco has a +11.3% year/year price increase.
Twelve of 20 cities among the 20 City Composite reported greater price increases in March 2018 than in March 2017.
Month/month, this National Index posted a +0.8% increase in March 2018 before a seasonal adjustment. After a seasonal adjustment, 19 or the 20 cities reported increases.
David Blitzer, the Managing Director and Chair of the Index Committee, said, “Seattle continues to report the fastest rising prices at +13% year/year, double the National Index price.” Blitzer also pointed out that Chicago has the lowest reported 11-month gain, +2.8%, among all cities in the National Index, barely one percentage point ahead of the country’s inflation rate.
Blitzer ended his remarks by saying, “Until inventories increase faster than sales, or the economy slows significantly, home prices are likely to continue rising. Compared to price gains of the last boom in the early 2000’s, things are calmer today. Gains in the National Index peaked at +14.5% in September 2005, more quickly than Seattle is rising now.”
The National Association of REALTORS® indicates that the number of sales listings in April 2018 were down -6.3%. The National Index indicated that the DOM number, a combination of inventory levels and sales) was 3.8 months, lower than levels during the 1990’s before the housing boom and bust.