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CHICAGO, IL--(Marketwired - Sep 24, 2013) - The S&P Case-Shiller house price index for the country's largest 20 metropolitan areas rose 0.6 percent in July. That was below the expected 0.8 percent increase and the slowest monthly gain since last September -- likely a reflection of higher mortgage rates hurting demand somewhat, according to BMO Economics.
However, Jennifer Lee, Senior Economist, BMO Capital Markets said, "On a year-over-year basis, prices are up 12.4 percent, extending the double-digit pace for the fifth straight month. All but two of the 20 areas covered -- Cleveland and Minneapolis -- rose in July, while every metropolitan area continued to grow on a year-over-year basis."
The BMO Economics also noted the FHFA's house price index, which looks at single-family homes with conforming mortgages. This showed a bigger 1.0 percent jump in July -- the fastest since March -- or 8.8 per cent above a year ago.
"Both measures show prices climbing from prior year levels at their fastest pace in 7 1/2-years, boosted by decent demand and still-low, but off the bottom, inventory levels," noted Ms. Lee.
| S&P/Case-Shiller Home Price Indices | ||
| Metropolitan Area | % change, July/June(SA) | % change, 1-year |
| Atlanta | 1.0 | 18.5 |
| Boston | 0.0 | 6.3 |
| Charlotte | 0.2 | 7.6 |
| Chicago | 1.0 | 7.8 |
| Cleveland | -0.2 | 3.9 |
| Dallas | 0.7 | 8.5 |
| Denver | 1.0 | 9.7 |
| Detroit | 0.5 | 16.9 |
| Las Vegas | 2.5 | 27.5 |
| Los Angeles | 1.5 | 20.8 |
| Miami | 0.5 | 13.7 |
| Minneapolis | -0.7 | 9.5 |
| New York | 0.1 | 3.5 |
| Phoenix | 0.9 | 18.9 |
| Portland | 0.5 | 12.2 |
| San Diego | 1.5 | 20.4 |
| San Francisco | 1.3 | 24.8 |
| Seattle | 1.3 | 12.5 |
| Tampa | 1.2 | 12.6 |
| Washington | 0.2 | 6.0 |
| SA=seasonally adjusted | ||
| Source: S&P Dow Jones | ||
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $549 billion as at July 31, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.
Media Contacts:
Beth Copeland
Indianapolis
beth.copeland@bmo.com
(317) 269-1395
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