Home-price gains picked up speed in July, led by some perennial hot spots and one surprise newcomer.
The S&P/Case-Shiller 20-city index rose a seasonally adjusted 5.8% in the three-month period ending in July compared with a year ago, and was up from 5.6% in the June period. Case-Shiller’s national index rose 5.9%, up from 5.8%.
As has been the pattern, Seattle led the way, with prices rising 13.5% compared to the year-ago period. Portland, another city that’s enjoyed several years of sturdy demand, was second with a 7.6% increase.
Las Vegas—which enjoyed the third-strongest rate of price gains in July—isn’t often among the best performers. Prices there rose 7.4% compared to a year ago, the seventh-straight month of accelerating increases.
But that’s cold comfort for anyone who bought a home at the height of the housing bubble a decade ago. Las Vegas prices remain about 30% lower than at the 2006 peak.
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Meanwhile, prices in the closely-watched 20-City index edged closer to regaining their earlier peak. That index is just 2.2% below the 2006 high.
Prices are strong across the country. The smallest annual increase for any metro was 3.3%, in both Washington, D.C., and Chicago.
Strong demand and lean supply are driving the price increases.