National Home Price Index Says New Peak Marks Shift In Housing Market
This week S&P CoreLogic Case-Shiller released their National Home Price Index which showed that home prices rose 5.5% in September, year over year (up 0.4% from August). Their 10-City Composite posted a 4.3% annual increase and their 20-City Composite reported a year-over-year gain of 5.1%. Seattle, Portland, and Denver reported the highest year-over-year gains among the 20 cities over each of the last eight months. 12 cities reported greater price increases in the year ending September 2016 versus the year ending August 2016.
“The new peak set by the S&P Case-Shiller CoreLogic National Index will be seen as marking a shift from the housing recovery to the hoped-for start of a new advance” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.
