| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : US Economy Last Updated: Aug 28, 2013 - 8:39 AM


US single-family city home prices rose in June but at a slower pace
By Finfacts Team
Aug 27, 2013 - 3:59 PM

Email this article
 Printer friendly page

US single-family city home prices rose in June but at a slower pace, a closely watched survey showed on Tuesday.

Data through May 2013, released today by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices, the leading measure of US home prices, showed increases of 2.5% and 2.4% for the 10- and 20-City Composites in May versus April. Dallas and Denver reached record levels surpassing their pre-financial crisis peaks set in June 2007 and August 2006.

This is the first time any city has made a new all-time high. The 10- and 20-City Composites annual returns rose slightly from April to May as they posted the best year-over-year gains since March 2006. All 20 cities increased from May 2012 to May 2013 and from April 2013 to May 2013.

The chart above depicts the annual returns of the 10-City Composite and the 20-City Composite Home Price Indices. In May 2013, the 10- and 20-City Composites posted annual increases of 11.8% and 12.2%, respectively.

 “Home prices continue to strengthen,” says David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “Two cities set new highs, surpassing their pre-crisis levels and five cities – Atlanta, Chicago, San Diego, San Francisco and Seattle – posted monthly gains of over three percent, also a first time event.

“The Southwest and the West saw the strongest year-over-year gains as San Francisco home prices rose 24.5% followed by Las Vegas (+23.3%) and Phoenix (+20.6%). New York (+3.3%), Cleveland (+3.4%) and Washington DC (+6.5%) were the weakest. Monthly numbers before seasonal adjustment showed all 20 cities experienced rising prices. San Francisco (+4.3%), Chicago (+3.7%) and Atlanta (+3.4%) were the leaders. However, two cities – Cleveland and Minneapolis were down slightly after seasonal adjustment.

“The overall report points to some shifts among various markets: Washington DC is no longer the standout leader and the eastern Sunbelt cities, Miami and Tampa, are lagging behind their western counterparts.”

All 20 cities showed positive monthly returns for May. Ten cities – Chicago, Denver, Detroit, Las Vegas, Miami, New York, Phoenix, Portland, Seattle and Tampa – showed acceleration. Chicago posted an impressive monthly rate of 3.7% in May; it was higher than in April by one percentage point. Miami and Seattle had their largest monthly gains since August 2005 and April 1990, respectively.

On an annual basis, all cities showed gains ranging from 3.3% to 24.5%. Twelve MSAs (metropolitan statistical areas) – Atlanta, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, Phoenix, Portland, San Diego, San Francisco, Seattle and Tampa – posted double-digit growth. Atlanta, Las Vegas, Phoenix and San Francisco were the four cities to post annual increases of over 20%. Las Vegas and San Francisco accelerated as measured by their May versus April year-over-year returns. Although Atlanta and Phoenix continue to post impressive gains, their May annual rate decreased to just over 20% compared to April. Detroit showed the most deceleration with a three percentage point decline.

Check out our subscription service, Finfacts Premium , at a low annual charge of €25.

Related Articles


© Copyright 2011 by Finfacts.com

Top of Page

US Economy
Latest Headlines
US nonfarm payroll employment rose by 192,000 in March
Dr Peter Morici: Friday's US jobs report
Corporate Tax: Caterpillar case shows lucrative market for US tax dodges sold by PwC
Two PMI surveys show US manufacturing strengthened in March
US Corporate Tax: Caterpillar paid PwC $55m to move $8bn in profits to Switzerland
Corporate Tax: US non-financial companies have cash pile of $947bn overseas
US corporate profits rise to record in 2013; Real wages flat at Zero
US GDP up an annualised 2.6% in Q4 2013
US city home prices flat in January; New home sales fell in February; Consumer confidence rose in March
Strong US manufacturing output growth continues in March
Corporate Tax Avoidance: US groups from Apple to IBM increase cash 'abroad' by $206bn
US added 175,000 jobs in February; Broad unemployment rate at 12.6%
Dr Peter Morici: Obama Budget offers little relief from jobs drought
US private sector jobs data was weak in February; Services PMI dips
US manufacturing PMI grew in February according to two separate surveys
Corporate Tax 2014: Tax reform proposals released in Washington
US Senate panel says Credit Suisse actively sought US tax dodgers
Corporate Tax 2014: White House and Congress to publish US reform proposals
Corporate Tax 2014: US proposal of 17% rate for foreign profits
American Plutonomy: Richest 5% account for almost 40% of consumer spending
American economy only added 113,000 jobs in January; Falling trend
Peter Morici: What to expect from Friday's US jobs report
Corporate Tax 2014: Obama running with the hare and hunting with the hounds
Two US PMI reports show that US manufacturing slowed in January
US economy grew at fastest pace in H2 2013 since 2003
Goldman and Citigroup report fall in trading revenues
US retail sales rose 4.2% at current prices in 2013
Dr Peter Morici: US jobs market is not shifting into high gear
US added only 74,000 jobs in December; Jobless rate fell to 6.7% as workforce fell
US private sector added 238,000 jobs in December
Dr Peter Morici: Extended US unemployment benefits slow growth, hoax on the working poor
US and UK services PMI surveys show slight easing of activity in December
US manufacturing remained strong in December
US Q3 GDP revised up to annualised 4.1% growth rate
US Federal Reserve begins taper on slow burn
US added 203,000 jobs in November; Unemployment rate fell to 7%
US third quarter growth revised up
US added 215,000 private sector jobs in November; New home sales surge; Services slow
Swiss regulator urges banks to join US program; Tax fugitive to return to US
US manufacturing grew strongly in November