Tuesday, July 29, 2014

Annual Home Price Appreciation Slows in May

According to the Case-Shiller 20-city index, home price appreciation remained at 1.1% in May, the same as the month prior. Year-over-year growth continued to slow, improving 9.3% for the 20-city index, down from 10.8% in April. However, last month’s post on Case-Shiller noted that, “Cold weather in the first two months of the year likely held demand low, causing a rebound in March and April. Next month’s report should normalize, and therefore might reveal a slightly lower pace of growth.”

All 10 metropolitan areas saw home prices improve from the previous month. Moreover, every metropolitan area continues to see prices above year-ago levels. San Diego saw the slowest gain, growing 0.5%. San Francisco had the strongest growth at 1.6%. Notably, the range of growth has narrowed, indicative of a normalizing market. Las Vegas continues to see the largest year-over-year growth, at 16.9%.

Read the S&P release.

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