The Case-Shiller Home Price Index, which is considered the “gold standard” for appreciation, showed home prices nationwide rose 0.2% from May to June after seasonal adjustment, breaking the previous month’s all-time high. Home values in June were also 5.4% higher than a year earlier, following a 5.9% gain in May.
The Federal Housing Finance Agency’s (FHFA) House Price Index did report that home prices fell 0.1% from May to June, though they were 5.1% higher when compared to the same time last year. Note that FHFA’s data does not include cash buyers or jumbo loans, only loans financed with conforming mortgages. These factors account for some of the differences in the two reports.
What’s the bottom line? The reports from Case-Shiller, FHFA and other major home price indexes like CoreLogic and ICE show that homeownership continues to provide a significant wealth creation opportunity for people around the country.
