U.S. home prices spiked in July despite a slowdown in sales

S&P CoreLogic Case-Shiller National Home Price Index (HPI) Meets July Forecast

Home prices climb 5.9% in July

In Seattle, home prices soared 13.5 percent in July from a year earlier, representing the fastest growth of all major USA metros. The month-over-month percentage increase was 0.7%, down from the May-to-June increase of 0.9%. Seattle (13.5%), Portland (7.6%), and Las Vegas (7.4%) reported the highest year-over-year gains among the 20 cities.

San Diego home prices continue to rise, but the pace slowed in July, according to the closely followed Case-Shiller report.

As is the case nationwide, a limited supply of homes for sale in Charlotte is pushing up prices, often leading to bidding wars among buyers, especially in areas close to uptown such as Sedgefield and Myers Park.

"Consumers, through home buying and other spending, are the driving force in the current economic expansion", said David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, in a statement.

Residential prices across the country increased in the month of July even though there were fewer sales over the summer, which would normally dampen price gains. It's calculated using a three-month rolling average.

While home prices continued to advance strongly along the northwest part of the country, values were also picking up in Denver, Dallas and Las Vegas - underscoring a broadening of appreciation throughout the US Las Vegas, one of the hardest-hit cities during the housing collapse, registered the third-largest year-over-year advance in July. When the number of homes to buy is low, the number of closed home sales will also be low, and when supply is low, but demand is high, prices inevitably go up.

In Portland, the median price for a home that sold in July was $395,000. It sets up a situation in which the housing market looks largely healthy from a 50,000-foot view.

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