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Home prices experienced strong year-over-year gains but fairly modest month-over-month gains, according to the latest data released by the S&P/Case-Shiller Home Price Indices.
The S&P/Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, recorded a slightly higher year-over-year gain with a 4.7 percent annual increase in July 2015 versus a 4.5 percent increase in June 2015. The 10-City and 20-City Composites both recorded 0.6 percent month-over-month gains, while their year-over-year gains were 4.5 percent and 5.0 percent, respectively.
Among the major markets, San Francisco, Denver and Dallas reported the greatest gains from the previous year, with price increases of 10.4 percent, 10.3 percent, and 8.7 percent. Phoenix, with a 4.6 percent increase in July, enjoyed the eighth consecutive year-over-year increase.
“Prices of existing homes and housing overall are seeing strong growth and contributing to recent solid growth for the economy,” said David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, adding that the prospect of an interest rate increase by the Federal Reserve “is not likely to derail the strong housing performance.”