Average home prices marked an 18% annual gain in June, in accordance with a fresh report from S&P CoreLogic. File Photo by Dan Moyle/Flickr
Aug. 30 (UPI) — While home prices rose at a slower annual pace in June, the increase was still sizable at 18%, based on the new S&P CoreLogic Case-Shiller Indices released Tuesday.
That pace was down from the 19.9% annual gain in-may, the report said, showing a little sign of relief for potential housebuyers, based on the S&P CoreLogic.
The survey’s 20-city composition of the country’s largest housing markets also showed a slowdown, with year-to-year price increases of 18.6% in June, in comparison to 20.5% in-may.
Tampa, Fla., Miami and Dallas continued showing the country’s greatest housing price spikes. Tampa home prices increased 35% in June in the last year, accompanied by 33% in Miami and 28.2% in Dallas.
“The deceleration in U.S. housing prices that people begun to observe almost a year ago continued in June 2022, because the National Composite Index rose by 18.0% on a year-over-year basis,” Craig J. Lazzara, managing director at S&P DJI, said in a statement. “In accordance with May’s 19.9% gain (and April’s 20.6%), prices are clearly increasing at a slower rate.
“It is critical to be aware that deceleration and decline are two entirely various things, and that prices remain rising at a robust clip. June’s growth rates for several three composites are in or above the 95th percentile of historical experience.”
Lazzara said for the initial half a year of 2022, actually, the National Composite is up 10.6%. Within the last 35 years, only four complete years have witnessed increases that large.
“The market’s strength is still broadly based, as all 20 cities recorded double-digit price increases for the 12 months submitted June,” he said. “In 19 out of 20 cases, however, June’s reading was significantly less than May’s, showing the impact of deceleration at the regional level.”