Home Price Gains Shrug off Covid Concerns
Mortgage News Daily
Aug 25 2020, 10:04AM
By JANN SWANSON
Both the Federal Housing Finance Agency's (FHFA's) Housing Price Index (HPI) and the several S&P CoreLogic Case-Shiller indices showed price gains across the U.S. in June. Case-Shiller's numbers showed more moderation in the rate of increase than did those from FHFA.
The Case-Shiller's National Home Price Index, covering all nine U.S. census divisions, was up 4.3 percent for the 12 months ended in June, the same annual increase as was posted in May. Prices rose 0.2 percent month-over-month on a seasonally adjusted basis (SA) and were 0.6 percent higher before adjustment (NSA).
The 10-City Composite annual increase came in at 2.8 percent, down from 3.0 percent the previous month while the 20-City Composite gain was 3.5 percent compared to 3.6 percent in May. The 10 and 20-City Composites had NSA increases of 0.1 percent and 0.2 percent, respectively. After seasonal adjusted the 10-City dipped 0.1 percent and the 20-City index was unchanged. In June, 16 of 19 cities (data remains unavailable from Detroit because of COVID-19 related shutdowns) reported increases before seasonal adjustment, while 12 of the 19 cities reported NSA gains.
Phoenix, Seattle, and Tampa still lead the nation in price gains. Phoenix had an annual increase of 9.0 percent followed by Seattle and Tampa, up 6.5 percent and 5.9 percent, respectively. Five of the 19 cities reported higher price increases in the year ending June 2020 versus the year ending May 2020
