The S&P CoreLogic Case-Shiller NSA home price indexes for July increased by 5.8% year-over-year for the 20-city composite index and by 5.2% for the 10-city composite index. When the number of homes to buy is low, the number of closed home sales will also be low, and when supply is low, but demand is high, prices inevitably go up. Prices increased by 0.9 percent in July 2017 compared with June 2017.
Seattle, Portland, Oregon, and Las Vegas reported the highest year-over-year gains among the 20 cities.
After seasonal adjustment, Los Angeles and San Francisco had the biggest month-over-month increases at 0.8 per cent, while Chicago had a 0.2 decrease. The 20-City Composite posted a 5.8% year-over-year gain, up from 5.6% the previous month.
Beacon Roofing Supply, Inc. (NASDAQ:BECN) Sees Significantly Higher Trading Volume
On August 25 the company was set at "Overweight" according to a KeyBanc report which was a boost from the previous "Hold" rating. SG Americas Securities LLC acquired a new position in shares of Beacon Roofing Supply in the 2nd quarter valued at $100,000.
The index tracks prices on a three-month rolling average. Analysts estimated a 5.6%-5.9% annual growth.
The U.S. housing market entered a unusual kind of twilight zone over the summer, in which home prices kept rising steadily, but actual home sales activity largely leveled off at fairly underwhelming levels. Las Vegas, one of the hardest hit cities in the housing collapse, saw the third fastest increase in the year through July 2017. A healthy labor market also helped prices. Automobiles are the second largest consumer purchase most people make after houses.
"Home prices in July continued to rise at a solid pace with no signs of slowing down,"CoreLogic President and CEO Frank Martell said". First, rebuilding following hurricanes across Texas, Florida and other parts of the south will lead to further supply pressures.
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