Home prices lingered at the all-time high in the latest S&P CoreLogic Case-Shiller Indices, up 5.6 percent year-over-year in May, a gain identical to April.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index's 10-City Composite rose 4.9 percent year-over-year, down from 5.0 percent in April, while its 20-City Composite rose 5.7 percent, down from 5.8 percent in April. Month-over-month, the 10-City Composite rose 0.7 percent and the 20-City Composite rose 0.8 percent.
Home prices are on a one-way upward track, but at a staggered pace from market to market, according to S&P Dow Jones Indices Committee Chairman and Managing Director David M. Blitzer—an important differentiation from the boom of the early 2000s.
"Home prices continue to climb and outpace both inflation and wages," says David M. Blitzer. "Housing is not repeating the bubble period of 2000-2006. Price increases vary across the country, unlike the earlier period when rising prices were almost universal. The number of homes sold annually is 20 percent less today than in the earlier period, and the months' supply is declining, not surging.
"The small supply of homes for sale, at only about four months' worth, is one cause of rising prices," Blitzer says. "New-home construction, higher than during the recession but still low, is another factor in rising prices."
Source: S&P Dow Jones Indices
Reprinted with permission from RISMedia. ©2017. All rights reserved.
Miami and Fort Lauderdale very steady with no major up or down within the last 6 months.
Call Marina Sarabia at 954-914-8056 for a list of available homes in your area.
