Home Price Index Records 4.7% YOY Increase

New York, October 27, 2015—The S&P/Case-Shiller U.S. National Home Price Index recorded a slightly higher year-over-year gain with a 4.7% annual increase in August 2015 versus a 4.6% increase in July 2015.

The 10-City Composite increased 4.7% in the year to August compared to 4.5% the prior month. The 20-City Composite’s year-over-year gain was 5.1% versus 4.9% in the year to July.

San Francisco, Denver and Portland reported the highest year-over-year gains among the 20 cities with price increases of 10.7%, 10.7%, and 9.4%, respectively. Fifteen cities reported greater price increases in the year ending August 2015 versus the year ending July 2015. San Francisco and Denver are the only cities with double digit increases, and Phoenix had the longest streak of year-over-year increases. Phoenix reported an increase of 4.9% in August 2015, the ninth consecutive increase in annual price gains. Portland posted a 9.4% annual increase, up from 8.5% in July 2015; this is the biggest jump in year-over-year gains this month.

“Home prices continue to climb at a 4% to 5% annual rate across the country,” says David M. Blitzer, managing director and chairman of the index committee for S&P Dow Jones Indices. “Most other recent housing indicators also show strength. Housing starts topped an annual rate of 1.2 million units in the latest report with continuing strength in both single family homes and apartments. The National Association of Home Builders sentiment survey, reflecting current strength, reached the highest level since 2005, before the housing collapse. Sales of existing homes are running about 5.5 million units annually with inventories of about five months of sales. However, September new home sales took an unexpected and sharp drop as low inventories were cited as a possible cause.