Home prices rose 5 percent year-over-year in June in the composite index of 20 U.S. cities that comprise the S&P/Case-Shiller U.S. National Home Price Index, matching the previous month’s year-over-year increase, according to a report released Tuesday.
The Portland-Vancouver metro area, one of the 20 regions included in the index, exceeded the 20-city composite average with a 7.8 percent year-over-year increase. The Portland region’s increase fell just behind those of Denver (10.2 percent), San Francisco (9.5 percent) and Dallas (8.2 percent).
The monthly analysis of home prices found a 1 percent increase from May to June, which represented a 0.1 percent decrease once adjusted for seasonal variations. Portland metro’s one-month increase, not adjusted seasonally, was 1.4 percent.
“These data point to a stronger housing sector to support the economy,” said David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices.
