SOURCE: BMO Harris Bank

BMO Harris Bank

October 29, 2013 14:49 ET

BMO: U.S. Home Prices See Unexpected Jump in All 20 Metro Areas

CHICAGO, IL--(Marketwired - Oct 29, 2013) - The S&P Case-Shiller house price index for August 2013 showed a rise in all 20 major metropolitan areas for the first time since April and beat expectations. The fact that home prices climbed so much despite mortgage rates on the rise and demand cooling came as a surprise, according to Jennifer Lee, Senior Economist, BMO Capital Markets. The 20-City Composite of metropolitan areas rose 0.9 percent, higher than expectations of 0.6 percent.

The move follows four straight months of slowing gains (April +1.7 percent, May +1.0 percent, June +0.9 percent, July +0.6 percent) and leaves prices up 12.8 percent year over year, the strongest annual gain since February 2006.

"We have similarly seen gains in the FHFA's house price measure, but given that they are less steep, we may start to see the Case-Shiller index cool some more in coming months," said Ms. Lee. "That being said, homeowners can take comfort in the fact that their home is worth more today than it was a year ago, with some cities seeing that increase well into the double digits." 

S&P Case-Shiller Home Price Indices

     
Metropolitan Area August/July Change (%) Y/Y Change (%)
Atlanta 1.5 18.4
Boston 0.5 6.3
Charlotte 0.6 7.3
Chicago 0.1 8.7
Cleveland 0.1 3.7
Dallas 0.8 9.0
Denver 0.7 10.1
Detroit 0.4 16.4
Las Vegas 2.3 29.2
Los Angeles 1.7 21.7
Miami 0.5 13.5
Minneapolis 1.0 10.2
New York 0.4 3.6
Phoenix 1.3 18.6
Portland 1.0 13.0
San Diego 1.6 21.5
San Francisco 0.9 25.4
Seattle 0.7 13.2
Tampa 1.5 14.1
Washington 0.3 6.3
     

Source: S&P Dow Jones

About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through more than 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are provided by BMO Harris Bank N.A. and are subject to bank or credit approval. BMO Harris Bank® is a trade name used by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and CDN $549 billion in assets (as of July 31, 2013).

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