The Case-Shiller Home Price Index shows single family home prices rose by 1.5% in the New York area this July in what is the fourth consecutive month of increases. The rate of increase, however, declined after June’s peak. Home prices in the 10 largest metropolitan areas rose by 1.9% in July. The New York index shows home prices increased by 3.5% over the past 12 months in comparison to a 12.3% increase in the 10-city composite index.
Current prices in New York are back to the pre-recession levels of June 2004 but remain lower than home prices in the 10 largest metropolitan areas. In the coming months we should expect to see a decline in the rate of increase of the Case-Shiller Home Price Index as the summer home-buying season comes to a close.