24/7 Wall St. Insights
- A recent analysis reveals that home prices nationwide reached a record high in June.
- San Diego is the city where home prices have risen most since 2000.
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The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index showed that home prices nationwide rose 5.4% in June compared to a year ago, reaching a record high. The figures did raise the question of whether homes are a good investment.
Brian D. Luke, CFA, Head of Commodities, Real & Digital Assets, said, “Before accounting for inflation, home prices have risen over 1,100 percent since 1974, but have slightly more than doubled (111%) after accounting for inflation.” In at least one metro market, the answer to whether home prices have surged is “no.”
Case-Shiller took the 20 large cities it covers and gave each an index of 100 in January 2000. This allowed the researchers to see how much prices rose in each housing market compared to the others. For example, the city with the highest index in June was 449.24, which means it is the city in which prices have risen the most over the period. The national index for June was 325.23.
The city in which the index has risen the most since January 2000 is San Diego. It is followed closely by Los Angeles, at 446.95, and Miami, at 442.69. Detroit posted the worst increase, and its June 2024 level was 190.47.
San Diego is the eighth-largest city in the United States. Its population has soared from 8765,538 to 1,328,880. The city’s median household income, at $95,657, is well above the national figure.
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