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The May Existing Home Sales release published in late June showed another strong rise in home prices from a year ago - 7.9 percent for the median priced existing home sold. This marks the third consecutive month of year-over-year gains according to NAR data.
Today’s release of prices as measured by Clear Capital show a similar trend - June prices are up 1.7 percent compared to one year ago, and this is the second month of a year-over-year gain according to this data. [1]
Other home price measures show the same pattern. CoreLogic data show three consecutive months of year-over-year gains beginning in March 2012, while FHFA shows positive year-over-year growth starting in February and continuing through April, the most recently released month of data. Gains in the CoreLogic data are between one and two percent while FHFA shows gains of up to three percent year-over-year. Case Shiller data has yet to show year-over-year gains, but declines as measured by Case Shiller have decreased and gains have been seen month-to-month.
In summary, many house price measures are pointing to the same trend: increasing home prices. Demand has finally caught up to supply, restoring market balance and more typical price performance.
[1] Clear Capital provides little public information on its rolling quarter methodology makes it difficult to determine the time-frame of the contract signings and closings used in the data.
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