US home prices jumped in July even as sales level off
U.S. home prices climbed steadily in July even as sales have slowed, evidence that a limited supply of available houses is distorting the real estate market.
The Standard & Poor’s CoreLogic Case-Shiller national home price index, released Tuesday, rose 5.9 % in July from a year earlier, slightly faster than June’s 5.8 % annual pace.
Sales of both new and existing homes slipped over the summer, which typically might slow price gains. But demand remains strong and has created bidding wars among house hunters, pushing up prices at a much faster pace than incomes. The number of existing homes for sale fell 6.5 percent in the past year.
Seattle, Portland, Oregon and Las Vegas saw the largest increases, with prices in Seattle soaring 13.5 percent in July from a year earlier.
Other cities are also seeing strong gains. Home prices rose 7.3 percent in Dallas and Detroit, and 7.2 percent in Denver. The slowest increases were in Washington, D.C. and Chicago, which both reported 3.3 percent gains.