The S&P/Case-Shiller and the Federal Housing Finance Agency (FHFA) released their respective home price indices for August 2017. National home prices rose at a faster annual growth rate, while local home price gains varied. Price growth in metro areas across the West region exceeded the national average.
The Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 6.1% in August, faster than a 5.8% increase in July. It was the highest seasonally adjusted annual growth rate since February 2017. Meanwhile, the Home Price Index, released by the Federal Housing Finance Agency (FHFA), rose at a seasonally adjusted annual rate of 8.3% in April, following the 4.5% increase in July, confirming the acceleration in home prices this month.
In August, local home prices grew at different rates. Many of the faster growing metro areas are located in the West region of the country.
San Diego, Las Vegas, Seattle, San Francisco, Phoenix, and Los Angeles registered annual growth rates that exceeded the national average. Among the 20 metro areas, San Diego, Las Vegas and Charlotte had the highest home price appreciation. San Diego led the way with 12.2%, followed by Las Vegas with 11.0% and Charlotte with a 10.8% increase. Nineteen out of the 20 metro areas had home price appreciation and Atlanta had home price depreciation (-2.4%). Moreover, eight metro areas had higher home price appreciation than the national level of 6.1%.