A United States house price index rose 3.1% in June. So says the S&P CoreLogic Case-Shiller Indices.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.1% annual gain in June, down from 3.3% in the previous month.
The 10-City Composite annual increase came in at 1.8%, down from 2.2% in the previous month.
Meanwhile, the 20-City Composite posted a 2.1% year-over-year gain, down from 2.4% in the previous month.
Six of the 20 cities reported greater price increases in the year ending June 2019 versus the year ending May 2019.
Before seasonal adjustment, the National Index posted a month-over-month increase of 0.6% in June.
The 10-City Composite posted a 0.2% increase and the 20-City Composite reported a 0.3% increase for the month.
After seasonal adjustment, the National Index recorded a 0.2% month-over-month increase in June. The 10-City and the 20-City Composites did not report any gains. In June, 19 of 20 cities reported increases before seasonal adjustment, while 17 of 20 cities reported increases after seasonal adjustment.
Why United States House Price Index has risen
Philip Murphy, Managing Director and Global Head of Index Governance at S&P Dow Jones Indices, says, “Home price gains continue to trend down, but may be leveling off to a sustainable level.
“The average YOY gain declined to 3.0% in June, down from 3.1% the prior month. However, fewer cities (12) experienced lower YOY price gains than in May (13).
The U.S. National Home Price NSA Index YOY price change in June 2019 of 3.1% is exactly half of what it was in June 2018.
“While housing has clearly cooled off from 2018, home price gains in most cities remain positive in low single digits. Therefore, it is likely that current rates of change will generally be sustained barring an economic downturn.”