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US property prices continue to rise, up by 5.1% in the year to July

The S&P CoreLogic Case-Shiller US National Home Price Index reported a 5.1% annual gain in July, up from 5.0% in June. The 10-City Composite posted a 4.2% annual increase, down from 4.3% the previous month. The 20-City Composite reported a year-over-year gain of 5.0%, down from 5.1% in June.

Portland, Seattle, and Denver reported the highest year-over-year gains among the 20 cities over each of the last six months. In July, Portland led the way with a 12.4% year-over-year price increase, followed by Seattle at 11.2%, and Denver with a 9.4% increase. Nine cities reported greater price increases in the year ending July 2016 versus the year ending June 2016.

“Both the housing sector and the economy continue to expand with home prices continuing to rise at about a 5% annual rate,” said David M. Blitzer, MD and chairman of the Index Committee at S&P Dow Jones Indices. “The statement issued last week by the Fed after its policy meeting confirms the central bank’s view that the economy will see further gains. Most analysts now expect the Fed to raise interest rates in December.”

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