Seattle Leads Nation in Average Home Price Increase

Photo by Jesse Collins on Unsplash

Alcynna Lloyd | Housingwire.com

Today, S&P Dow Jones Indices and CoreLogic released results for the Case-Shiller Home Prices Indices, which showed an annual increase of 6.4% in April 2018 for national home prices.

Average home prices for the top 10 metropolitan areas increased 6.2%, down from 6.4% from the previous month. The 20-city composite is a 6.6% year-over-year gain, down from 6.7% in March.

Before seasonal adjustment, the National Index gained a 1% increase month over month in April. The 10-city composite increased 0.6% and the 20-city composite increased 0.8%, respectively. After seasonal adjustment, the National Index recorded a month-over-month gain of 0.3% in April.

The 10-city and 20-city composites increased 0.1% and 0.2% month over month, respectively. Before seasonal adjustment, 19 of 20 cities reported increases, while 17 of 20 cities reported increases after seasonal adjustment.

“One factor pushing prices up is the continued low supply of homes for sale. The months-supply is currently 4.3 months, up from levels below 4 months earlier in the year, but still low,” S&P Dow Jones Indices Managing Director and Chairman of the Index Committee David M. Blitzer said.

Seattle, Las Vegas and San Francisco continue to have the highest year-over-year gains among all 20 cities. Seattle took the lead with a year-over-year price increase of 13.1%, Las Vegas had a 12.7% price increase and San Francisco increased 10.9% in price.

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