Housing Prices at 20-month High
U.S. home prices rose for the sixth consecutive month in August, to a 20-month high according to real estate information provider FNC Inc. In the country's 100 largest metropolitan areas, home prices rose at a non-adjusted rate of 0.3% month-over-month. Year-over-year home prices are up 1.5%, and year-to-date prices are up 5%.
In its press release FNC noted:
The majority of the markets tracked by the FNC 30-MSA composite index show continued price improvement in August, although generally at a subdued pace. ... Month-to-month, home prices rose 3.1% in Los Angeles, 2.2%-Phoenix, 2.1%-Sacramento, 1.7%-Detroit, 1.6%-Columbus. Based on a three-month moving average (June, July, and August), Detroit, Phoenix, San Francisco, and Los Angeles show the best price momentum, averaging 2.8%, 2.7%, 1.7%, and 1.5% per month, respectively.
The firm also noted that between January and August home prices rose 15.2% in Phoenix, an average of 2.2% a month and the strongest growth among the metropolitan areas included in the research.
The press release with tables is available here.