US home prices grew at a disappointing 5.02% YoY in July (missing expectations of 5.10% and the lowest since Aug 2015). All 20 cities in the index showed year-over-year gains, but six cities showed seasonally adjusted price declines in July compared with the prior month, also including New York, Atlanta and Detroit.
Growth is slowing as we saw in sales data this month…
Portland, Seattle, and Denver reported the highest year-over-year gains among the 20 cities over each of the last six months. In July, Portland led the way with a 12.4% year-over-year price increase, followed by Seattle at 11.2%, and Denver with a 9.4% increase. Nine cities reported greater price increases in the year ending July 2016 versus the year ending June 2016.
David Blitzer, chairman of the S&P index committee, said in a statement:
“Both the housing sector and the economy continue to expand,”
While some cities are seeing rapid price gains, “there is no reason to fear that another massive collapse is around the corner” because mortgage debt is rising at a relatively slow pace.
So that’s nice then – nothing to worry about at all.
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