Home Prices – S&P CoreLogic Case-Shiller YEAR-OVER-YEAR 

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 14.6% annual gain in April, up from 13.3% in the previous month. The 10-City Composite annual increase came in at 14.4%, up from 12.9% in the previous month. The 20-City Composite posted a 14.9% year-over-year gain, up from 13.4% in the previous month.

Phoenix, San Diego, and Seattle reported the highest year-over-year gains among the 20 cities in April. Phoenix led the way with a 22.3% year-over-year price increase, followed by San Diego with a 21.6% increase and Seattle with a 20.2% increase. All 20 cities reported higher price increases in the year ending April 2021 versus the year ending March 2021.

Home Prices – Other Housing Data

After four straight months of declines, sales of existing homes in June, which make up roughly 90% of the market, rose modestly from May and were 23% higher than a year ago. Inventory levels were down 19% from a year ago, at just a 2.6-month supply nationally, well below the 6-month supply that is considered a healthy balance between buyers and sellers. The median existing-home price was 23% higher than last year at this time, reaching a new record of $363,300.

Sales of new homes, which account for the remaining 10% of the market, did not fare as well. In June, they dropped 7% from May, which was well below expectations and the lowest level since April 2020.

Personally, I think the fact that sales of new homes dropped in June (one of the hottest real estate marketing times) have to be considered as a red flag confirming my prior market call  on June 17, 2001 ( https://brokerforyou.com/brokerforyou/real-estate-market-bust/ ) for the top in the residential real estate market.