June’s data for the S&P/Case-Shiller Home Price Indices were positive for the housing market. The 10-City Composite was up 2.2% and 20-City Composites was up 2.3% in June over May, mimicking the returns they each posted in May over April.
Only two cities – Charlotte and Dallas – saw annual rates of change worsen in June. The other 18 cities and both composites saw an improvement in this statistic. There are now 13 cities where the annual rates of change are positive – Charlotte, Cleveland, Dallas, Denver, Detroit, Miami, Minneapolis, Portland, Phoenix, San Francisco, Seattle, Tampa and Washington DC – improving over last month’s report of 12 such cities. In Boston, home prices remained unchanged versus June 2011. The six remaining cities – Atlanta, Chicago, Las Vegas, Los Angeles, New York and San Diego – still show average home prices below their year-ago levels.
On a monthly basis, all 20 cities and both Composites rose in June over May. We have now observed three consecutive months of increasing home prices at a national level, and improvements in monthly and annual returns across many markets. These are signs of some stability in the housing market, but not yet an indication of a sustained recovery. Stay tuned….