This week S&P/Case-Shiller released their monthly Home Price Indices for April which showed that home prices increased 5%, year-over-year; virtually unchanged from last month. In addition, their 10-City Composite is up slightly at 4.7% for the year and their 20-City Composite’s year-over-year gain is 5.4%.
“The housing sector continues to turn in a strong price performance with the S&P/Case-Shiller National Index rising at a 5% or greater annual rate for six consecutive months,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.”
“However, the outlook is not without a lot of uncertainty and some risk. Last week’s vote by Great Britain to leave the European Union is the most recent political concern while the U.S. elections in the fall raise uncertainty and will distract home buyers and investors in the coming months.”
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