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Home price gains head into 4th year

Home price gains head into 4th year

Sources: S&P/Case-Shiller Home Price Indices, CoreLogic, California Association of Realtors

Orange County house prices have risen steadily for three years and four months as of August, a measure of four key housing indexes show.

The S&P/Case-Shiller Home Price Index, released Tuesday, was the latest of four key market trackers showing that home prices continued their upward climb for a 40th straight month in August.

The index, which is based on same-home price comparisons, showed that single-family home prices rose 6.2 percent in August in Los Angeles and Orange counties.

That’s the seventh-highest gain for the 20 U.S. metro-areas included in the Case-Shiller index.

San Francisco and Denver had the highest gains among the 20 cities with price increases of 10.7 percent, Case-Shiller reported. The National Home Price Index had a year-over-year gain of 4.7 percent.

Previous measures for just Orange County showed house-price gains ranging from 2.2 percent reported by the California Association of Realtors to 6.3 percent reported by CoreLogic.

A separate home price index by CoreLogic showed a gain of 4.3 percent.

“Home prices continue to climb at a 4 percent to 5 percent annual rate across the country,” said S&P Dow Jones Indices Chairman David M. Blitzer.

Citing low inflation rates, Blitzer noted that a 5 percent gain is of greater value today than at the peak of the housing boom in 2005-06, when inflation rates were higher.

The current housing rebound, he added, has been “faster than the 1997-2005 housing boom, and also much less driven by inflation.”

Contact the writer: 714-796-7734 or jcollins@ocregister.com

The Orange County Register – News Headlines : Real Estate News