S&P Dow Jones Indices has released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released this month for December 2016 shows that home prices continued their rise across the country over the last 12 months.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.8 percent annual gain in December, up from 5.6 percent last month and setting a 30-month high. The 10-City Composite posted a 4.9 percent annual increase, up from 4.4 percent the previous month. The 20-City Composite reported a year-over-year gain of 5.6 percent, up from 5.2 percent in November.
Seattle, Portland, and Denver reported the highest year-over-year gains among the 20 cities over the 11 months leading up to December. Seattle led the way with a 10.8 percent year-over-year price increase in December, followed by Portland with 10 percent, and Denver with an 8.9 percent increase. Twelve cities reported greater price increases in the year ending December 2016 versus the year ending November 2016.
Tier level analysis from 2011 to present shows Seattle’s year-over-year returns for housing prices in the high tier (over $532,716) to be the most stable while housing prices in the low tier (under $335,111) are the most volatile. During the same period, Portland’s year-over-year returns also show the same trend with housing prices in the high tier (over $411,335) to be the most stable while housing prices in the low tier (under $296,361) are the most volatile.