Home prices saw a record climb in June, according to the latest S&P Corelogic Case-Shiller Index… (Case-Shiller)
- M-O-M: The U.S. National Home Price NSA Index posted a 2.2% month-over-month increase in June.
- Y-O-Y: The price index reported an 18.6% annual gain in June. This is the highest reading in more than 30 years.
NOTE: The 20-City Composite posted a 19.1% year-over-year gain with a 2.0% month-over-month gain.
- Phoenix led the way with a 29.3% year-over-year price increase.
It wasn’t just Case-Shiller posting home price appreciation over 18%. The Federal Housing Finance Agency also reported sky-high growth in June in their latest report…(FHFA)
- M-O-M: The FHFA House Price Index posted 1.6% month-over-month gains in June.
- Y-O-Y: The FHFA House Price Index posted 18.8% year-over-year gains in June
Looking at Q2 data, home prices rose 4.9% from Q1 and prices were up 17.4% from the second quarter of 2020.
- House prices have risen for 40 consecutive quarters. The streak began in September 2011.
Dr. Lynn Fisher, Deputy Director of FHFA’s Division of Research and Statistics, said in a statement, “For the quarter, annual gains surpassed 20 percent in the Mountain, New England, and Pacific census divisions and in all of the top 20 metro areas.”
LOOKING BACK:
- BUBBLE PEAK: When compared to the April 2007 home price peak, home prices are now 41% higher according to Case-Shiller and FHFA says current prices are 52.3% higher.
- Q1 ’91: Since the first quarter of 1991 home prices across the country are up 232.71%. The state with the biggest 30-year growth is not a state at all. Washington D.C. was up 545.02% since 1991. Conneticut saw the smallest growth up 118.53% since 1991.