Home prices continued to rise in September according to Case-Shiller National and 20-City home price index reports. According to the National Home Price Index, national home prices rose 0.70 percent month for the three months ending in September. The National Index regained its pre-housing bubble peak and surpassed it by 5.90 percent as of September.
Home price growth approached all-time highs in August, but there were signs that prices may have peaked in some U.S. metro-areas. Seattle, Washington held the top rate of home price growth with a seasonally-adjusted annual appreciation rate of 13,20 percent. Las Vegas, Nevada had the second highest growth in home prices with 8.60 percent in August. San Diego, California reported a seasonally-adjusted annual home price growth rate of 7.80 percent.
According to the Case-Shiller National Home Price Index for June, Seattle, Washington continued to lead home price growth for the tenth consecutive month with a June reading of 13.40 percent growth year-over-year. Portland Oregon held second place for home price growth in the 20-City Home Price Index in June but trailed Seattle by 5.20 percent with 8.20 percent year-over-year home price growth. Dallas Texas held third place with a year-over-year home price growth rate of 7.70 percent. The 20-City Home Price Index increased by 5.70 percent year-over-year and was unchanged from May’s reading.
Home builder confidence in housing market conditions surged in August after sagging to an eight-month low in July. The National Association of Home Builders reported a July reading of 68 in August after analysts expected a one- point increase from July’s Housing Market Index reading of 64. Any reading over 50 indicates that more builders consider housing market conditions positive than those who do not.
According to the Case-Shiller National Home Price Index, February home prices grew at their fastest pace in three years. While home prices have steadily grown in recent months, growth rates slowed in many areas month-to-month; the escalation of home prices from January to February indicates stronger housing markets. National home prices increased by 0.20 percent in February to a seasonally-adjusted annual rate of 5.80 percent appreciation.