• Blog
  • Video Library
  • Reviews
    • Our Reviews
    • Additional Testimonials
    • Review Us

David Bailey

David and Erika Bailey Mortgage Professionals

  • Home
  • About Us
  • Mortgage Info
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Loan Programs
    • First Time Home Buyers
    • Home Ready 97 Loan Program
    • VA Loan Programs
    • FHA Loan Programs
    • Conventional 97 Loan Program
  • Get Pre-Approved
  • Contact

December Home Prices Rise According To S&P Case-Shiller Home Price Index

February 25, 2016 by David Bailey

December Home Prices Rise According To S&P Case-Shiller Home Price IndexHome prices rose slightly in December according to S&P Case-Shiller Home Price Indices released Tuesday. According to the S&P Case-Shiller 20-City Home Price Index, which covers cities representing all nine US Census divisions, home prices rose 5.40 percent year-over-year in December as compared to November’s reading of 5.20 percent.

December’s year-over-year home price increases were led by Portland Oregon at 11.40 percent, San Francisco, California at 10.30 percent and Denver, Colorado with a year-over-year reading of 10.20 percent. 10 cities reported higher home prices while eight cities reported lower home prices and year-over-year home prices were unchanged for two cities.

Year-over-year national home prices equaled winter 2007 home price levels, The S&P Case-Shiller 20-City Home Price Index has recovered by 36.30 percent since March 2012. Phoenix, Arizona posted its 12th consecutive month of home price gains for the longest streak of price gains in 2015.

Home Price Growth Surpasses Core Inflation Rate

David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said that while home prices continue to rise, they are rising at a slower pace. All but one city (Washington, D.C.) posted home price gains higher than the core inflation rate of 2.20 percent. Home prices rising faster than inflation is positive for home sellers, but would-be-buyers may sit on the sidelines due to concerns about affordability. On the plus side, job markets are strong and mortgage rates remain low, which will likely encourage more first-time and moderate income buyers to enter the market.

S&P Case-Shiller Month-to-Month Readings

After seasonal adjustments, both the Case-Shiller 10 and 20 City home price indices posted a month-to-month gain of 0.80 percent. 19 of 20 cities posted month-to-month gains after seasonal adjustments. Factors contributing to higher home prices include high demand for homes coupled with a short supply of available homes. Home builders are ramping up construction, which should ease demand and help stabilize prices.

In related news, The National Association of Realtors reported that January sales of existing homes rose to 5.47 million sales on an annual basis as compared to expectations of 5.30 million sales and December’s reading of 5.45 million sales. January’s reading was 11 percent higher year-over-year and indicated that homes are selling in spite of rapidly rising prices in many areas.

Analysts said that the shortage of homes is causing an imbalance in market conditions; currently there is a four month supply of available homes as compared to an average six month supply of available homes. There have been only three instances when home supplies were lower in the past 16 years.

Financial Reports Tagged: Case-Shiller, Home Prices, Inflation

Erika and David

Contact Us


David and Erika Bailey
Mortgage Professionals

Creating Clients for LIFE!
The Mortgage Outlet
David 631.589.3600
Erika 631.767.8944
David NMLS #3458 • Erika NMLS #217190

The Mortgage Outlet
FREE RATE QUOTE →

Sign Up For Our FREE Newsletter!

Connect with Us

Let’s Keep In Touch!

  • This field is for validation purposes and should be left unchanged.

Quick Links

  • Leave a Review
  • Accessibility Statement
  • Privacy Policy
  • Contact
Equal Housing Lender
NMLS Consumer Access
The Mortgage Outlet, NMLS # 36861 is a registered mortgage broker with the NYSDFS. All loans are arranged through third party providers. Office located at 280 West Main Street Sayville New York 11782

Categories

Looking For Something?

Our Location


The Mortgage Outlet
280 West Main Street
Sayville, NY11782

Copyright © 2023 David Bailey  ·  All rights reserved   ·   Log In