Persistent demand from traditional buyers and investors kept the latest S&P CoreLogic Case-Shiller Home Price Index “stalled” at +19.8% in August.
Month-to- Month HPI Up +1.19%
Relentless, obstinate demand pressures continued to heat home price growth in August despite some signs of buyer fatigue and slight improvements in new listings of for-sale homes.
The latest S&P CoreLogic Case-Shiller Home Price Index (HPI) indicated that August home prices “stalled” at July’s peak increase of +19.8% y/y. The month-to-month HPI increase of +1.19% was the fastest July-to-August home price increase since the 1970’s.
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2021 To Be Strongest Year for Home Sales Since 2006
Relentless demand from traditional buyers and investors is likely to make 2021 the strongest year for home sales since 2006. Likely too is that relentless demand will continue pushing home price growth up to nose-bleed levels.
In August, 52% of available for-sale homes sold over the asking price. Prior to the pandemic, approximately 25% of homes sold over the asking price during the peak sales month of June.
August Home Price Growth Showed a Turning Point
CoreLogic’s 10- and 20- city composite indexes slowed slightly in August, +18.6% and +19.7% y/y, respectively. Comparatively, these price indices were down just slightly from July’s +19.2% and +20% respective gains. (The 20- city composite reflects the rapid price growth seen in smaller, more affordable metros.) Compared with 2006, the 10- city composite is now +27% higher and the 20-city composite is now +33% higher.
Small Shake-up in Metros with Strongest Price Increases in August
Phoenix, for the 26th consecutive month, saw the strongest home price growth among the 20- city composite. The metro’s home prices have seen the fastest acceleration since spring 2006 with a surge of +33.3% in August while some of its home prices exploded as much as +49%.
Take a look:
- Phoenix – +33.3%
- San Diego – +26.2%
- Tampa (replaced Seattle in third spot) – +25.9%
- Dallas – +24.6%
- Seattle -+24.3%
- Miami – +23.8%
- Las Vegas – +23.8%
- Charlotte – +23.7%
- Denver – +21.5%
- San Francisco – +21.1%
- Atlanta – +20.2%
- US – +19.8%
- Portland – +19.2%
- Los Angeles – +18.4%
- Boston – +17.7%
- New York – +17.2%
- Detroit – +15.7%
- Cleveland – +15.5%
- Washington DC – +15.1%
- Minneapolis – +14.0%
- Chicago – +12.7%
All metros are currently at or above their previous peaks in terms of home prices. That said, CoreLogic indicated that national home prices are only +11% higher than the previous peak when adjusted for inflation.
Thanks to CoreLogic.