PRIVATE INSURERS CONTINUE TO BENEFIT FROM A RISING HOME MARKET
CASE-SCHILLER
As real estate values continue to rise.claim to rise, claim cost decline as MITIGATION options increase.
MARKETWATCH:
"Home prices gains are unrelenting in April, Case-Shiller shows
By Andrea Riquier
Published: June 26, 2018 9:00 a.m. ET
Bloomberg News/Landov
Houses along a Chelsea, Massachusetts street.
The numbers: The S&P/Case-Shiller national index rose a seasonally adjusted 0.3% and was up 6.4% for the year in April. The 20-city index rose a seasonally adjusted 0.2% and was up 6.6% compared to a year ago.
What happened: Growth in home prices relented, just a bit, in the three-month period ending in April. The annual growth rate for both the national index and the closely-watched 20-city index was one tick lower than in the March period. The April pace of growth is still blistering, though. It’s well above inflation and wage growth.
Read: Housing is the least affordable in 10 years — here’s what’s to blame
In April, three cities saw double-digit annual gains: Seattle, San Francisco, and Las Vegas.
Big picture: In April, 10 of the cities in the 20-city tracker were higher than their 2006 peaks, while the other half were still below. In a release, S&P Dow Jones Indices, the producer of the indexes, noted that Las Vegas is “the city with the longest road to a new high.” Adjusted for inflation, Vegas is 47% lower than its bubble-era peak, despite being one of the hottest markets for several months recently.
(The chart above shows Las Vegas prices, according to Case-Shiller, as of March.)
The only metro area to show a monthly decline in April was New York, where recent tax law changes and a glut of new apartment supply may be biting the market.
MetroMonthly change12-month changeAtlanta0.8%5.5%Boston1.9%6.9%Charlotte0.8%6.0%Chicago1.2%3.0%Cleveland0.9%4.9%Dallas0.9%5.7%Denver1.2%8.6%Detroit1.4%7.4%Las Vegas1.6%12.7%Los Angeles0.9%8.3%Miami0.5%5.0%Minneapolis1.8%6.5%New York-0.6%4.0%Phoenix0.8%6.8%Portland1.1%5.9%San Diego1.0%7.8%San Francisco1.0 %10.9%Seattle2.7%13.1%Tampa0.5%7.2%Washington1.1%3.2%"
