By Mike Bodeen · 2 August 2021
Portland, Oregon had previously (1992) held the national spotlight for consecutive months leading the nation in year over year home price increases with 23. No longer. Phoenix is the new record holder and may well continue to extend the streak, now at 24.
Nationally, the S&P CoreLogic Case-Shiller national home price index has increased 12 consecutive months and the old record for price increases was 14.8%. This last month’s series set the new national record at 16.6% for all cities. Phoenix’ year-over-year increase was an amazing 25.9%!
As we’ve stated in recent Snapshots, though the inventory part of our market continues to slowly, but consistently increase, sales prices are continuing their rise. The price rise will increasingly slow assuming continuous inventory increases without increase demand – not a given.
Phoenix’s 25.9% increase led all cities accelerating home prices, with San Diego (+24.7%) and Seattle (+23.4%) close behind. Prices were strongest in the West (+19.9%) and Southwest (+19.8%), but every region logged double-digit gains from April to May.
Comparing the previous month’s series we see the following changes:
Phoenix +3.75%
Las Vegas +2.92%
San Diego +2.86%
Dallas +2.77%
Seattle +2.76%
San Francisco +2.56%
Tampa +2.50%
Charlotte +2.43%
Portland +2.41%
Miami +2.37%
Denver +2.24%
Atlanta +2.19%
Los Angeles +2.14%
Minneapolis +2.14%
Chicago +1.77%
Detroit +1.74%
Washington +1.71%
Cleveland +1.52%
Boston +1.42%
New York +1.08%
The year over year comparisons look like this:
Phoenix +25.9%
San Diego +24.7%
Seattle +23.4%
Dallas +18.5%
San Francisco +18.2%
Tampa +18.0%
Portland +17.5%
Denver +17.4%
Boston +17.4%
Los Angeles +17.0%
Charlotte +16.9%
Miami +16.6%
Las Vegas +15.5%
New York +15.2%
Detroit +15.2%
Washington +14.8%
Atlanta +14.3%
Cleveland +13.6%
Minneapolis +12.8%
Chicago +11.1%
-Mike Bodeen
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