Economy

Homes Prices Rose 5.9% YOY in July

Home prices in South Florida rose 5.1 percent in July from a year ago, although that's one of the smallest annual increases in the country, a new report shows.

While Portland once stood apart, leading the index in home-price gains for almost 11 months in 2015 and 2016, it's now seeing prices climb at rates not that far from places like Las Vegas (7.4 percent year-over-year), Dallas (7.3 percent) and Detroit (7.3 percent). Seattle (13.5%), Portland (7.6%), and Las Vegas (7.4%) reported the highest year-over-year gains among the 20 cities.

Before seasonal adjustment, the National Index posted a month-over-month gain of 0.7% in July.

For the sixth straight month, year-over-year average gains in home-resale prices across metro Denver slowed slightly in July from the previous month's pace. The more widely watched 20-city index was up 5.8% compared to 5.6% in June. The Ten-City Composite posted a 0.4% month-over-month increase.

In Tampa, the only other Florida metro tracked by the index, prices rose 7 percent in July. July represents the three-month average of May, June and July prices.

The U.S. housing market entered a odd kind of twilight zone over the summer, in which home prices kept rising steadily, but actual home sales activity largely leveled off at fairly underwhelming levels. When the number of homes to buy is low, the number of closed home sales will also be low, and when supply is low, but demand is high, prices inevitably go up.

Home prices in the Portland are climbed at a rate faster than any other major city except Seattle in July, but as Seattle pulled away, Portland moved closer to its peers. "While the gains in home prices in recent months have been in the Pacific Northwest, the leadership continues to shift among regions and cities across the country". Since the low of March 2012, home prices are up 47.1% and 50.7% on the 10-city and 20-city indexes, respectively. "The sharp increase in prices in Washington and Utah has been especially striking, with home price growth in both states accelerating by 3 percentage points since the beginning of this year".



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