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All the way up: Home price growth broke record for 4th straight month in July

Record growth in housing prices is showing no signs of slowing.

U.S. home prices soared 19.7 percent year-over-year in July, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index.

It’s the fourth straight month in which the growth rate has set a record, said Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices.

“The last several months have been extraordinary not only in the level of price gains, but in the consistency of gains across the country,” Lazzara said.

Record growth rates have been set and then broken again every month since April, when prices increased by 14.6 percent annually. In June, home prices saw a year-over-year spike of 18.7 percent.

The national composite is now about 44 percent higher than its previous peak in July 2006. Home prices are at all-time highs in 19 of the report’s 20 cities, with Chicago just 0.3 percent off its 2006 peak. Seventeen of the 20 cities reported higher year-over-year gains in July than in June.

Phoenix, San Diego and Seattle saw the highest gains: prices in Phoenix jumped 32.4 percent compared to last year, San Diego saw an increase of 27.8 percent and Seattle saw an increase of 25.5 percent.

New York, Boston, Charlotte, Cleveland, Dallas, Denver and Seattle all set records for year-over-year increases.

Joyce Rey
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