Home Prices Maintain Solid Pace of Growth

Wells Fargo Research Team Wells Fargo

Home prices continued to climb in May according to the S&P CoreLogic Case-Shiller Home Price Index. The headline index, which is up 5.6 percent year-to-year, continues to be driven by big gains in the West.

Home Prices Continue Steady Appreciation

The S&P CoreLogic Case-Shiller National Home Price Index rose 0.2 percent in May and is up 5.6 percent year-to-year. The 20-City index is up 5.7 percent, while the 10-City index has risen just 4.9 percent. The 20-City index has been driven by huge gains in Seattle and Portland, which are not part of the 10-City index. New York and Chicago, which carry big weights in the 10-city index, have both seen home prices moderate

Price Gains Concentrated in the West

Home prices are surging in the West due to exceptionally strong population and employment growth that has not been matched by increased new home construction. The mismatch is most acute in Seattle, San Francisco, Portland and Denver, where new development faces geographic and legal hurdles.
Price appreciation is moderating in some parts of the country, most notably New York, Chicago and Miami.

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Wells Fargo Research Team

Wells Fargo

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