The pace of U.S. home price gains slowed in June from the previous month, but strong appreciation in the West and South kept growth above the two-year average, according to a monthly report.
The S&P CoreLogic Case-Shiller 20-City Composite index rose 5.1 percent year over year, versus expectations for an increase of 5.2 percent. That marked a sequential slowdown from May’s revised 5.3 percent increase.
The June gains were slightly above the 4.8 percent annual pace over the last two years.
“Overall, residential real estate and housing is in good shape. Sales of existing homes are at running at about 5.5 million units annually with inventory levels under five months, indicating a fairly tight market,” David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.
Portland, Oregon, led the gainers with price appreciation of 12.6 percent. Seattle followed with an 11 percent increase, and Denver came in third with a 9.2 percent gain.
“In the strongest region, the Pacific Northwest, prices are rising at more than 10 percent; in the slower Northeast, prices are climbing a bit faster than inflation,” Blitzer said.
The S&P/Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, was also up 5.1 percent in June from the previous year.