It was another positive month for home prices in the latest Case-Shiller
Home prices in the Lone Star State remain strong in August, according to the latest Case-Shiller Home Price Indices, which Standard & Poor’s released this morning.
Though the Case-Shiller does not (amazingly) track home prices in Houston, it does follow Dallas’ housing market, where prices rose 0.5 percent from July to August and 7.3 percent from August 2013 – aka, another month of steady, positive housing for Texas.
National Home Prices Continue to Weaken
Nationally, the situation was quite similar:
- The 10- and 20-City Composites rose 5.5 and 5.6 percent, respectively (compared with 6.7 percent in the last report), while the National Index rose 5.1 percent (compared with 5.6 percent).
- Furthermore, the national and composite indices rose just 0.2 percent from July to August.
- Regional differences were particularly strong – the Sun Belt reported its worst annual returns in two years, while western cities showed notable slowdowns.
Blitzer – Other Housing Data Perking Up
David M. Blitzer, the chairman of the Index Committee at S&P Dow Jones Indices, said that despite the continued weakening of home sale data, other housing data has “perked up” in recent months.
“September figures for housing starts, permits and sales of existing homes were all up,” Blitzer said. “New home sales and builders’ confidence were weaker. Continued labor market gains, low interest rates and slower increases in home prices should support further improvements in housing.”
Of course, there is considerable nuance to all those cited reports – construction, as we’ve reported many times, is primarily a multifamily affair, and lending standards remain tight – but housing continues to normalize at the pricing level, which is definitely a positive development.