New York home prices up, but behind national trend

Revised non-seasonally adjusted figures show home prices in the New York metropolitan area ended a 5-month long decline in February of this year and have been on a steady rebound since April, though they have increased at a slower pace than home prices in the 10 largest metropolitan areas. Home prices in June were up 2.2% over the previous month for the 10-city composite index compared to 2.1% for the New York metro area in the same period, its highest rate of increase since 2002. Year-to-year figures show home prices in the 10 main metropolitan areas have increased 11.3% since June 2012, in large part fueled by the California and Las Vegas markets. Over the same period the New York area saw home prices rise 2.1%. It remains to be seen whether these trends will continue in the face of widely anticipated rising interest rates. It should also be reminded that the S&P Case-Shiller Home Price Index tracks the sales prices of single family homes and does not include sales prices for condos or co-ops.