The Case-Shiller Home Price Index, which is the gold standard of house appreciation, was released last week showing that home prices across the nation rose 1.5% in the month of May. Year over year the report showed that house prices rose a very hot 19.7% which was a slight decline from the 20.6% that was previously reported. The top monthly appreciation cities were Miami at 2.9%, Tampa at 2.8%, and Dallas at 2.6%. The same cities are in the top annual appreciation. Tampa is at a blistering 36.1%, Miami is at 34% and Dallas is at 30.8%.
Also reported last week was the Federal Housing Finance Agency’s House Price Index which showed that single-family homes which were purchased with conforming loan amounts rose in price by 1.4% in the month of May. Year over year they are now up 18.3% which was also a slight decline from their prior month’s release of 18.7%.
Even though these reports are slightly lagging, because they are both for the month of May, they are still showing very hot levels of appreciation and no signs of slowing as their month-over-month gains are still around 1.5%. These reports both show that the housing market is still very hot!
Sources :
https://bit.ly/3jWTYAu
https://www.fhfa.gov/
By: Jon Iacono