The big real estate news this morning was that, according to the S&P CoreLogic Case-Shiller national home price index, home prices across the U.S. saw their largest year-over-year increase in the history of the index …which, by the way, dates back to 1987.
How big was the increase?
The news was based off of June home sales in 20 major U.S. metropolitan areas. June’s 20-city home price composite index was up 19.1 percent over the same composite from June 2020. Phoenix, San Diego, and Seattle saw the largest gains — coming in at 29.3%, 27.1%, and 25.0%, respectively. June home prices in 19 of the 20 cities in the composite were at all-time highs.
Reno, Nevada is not included in the 20 cities1 that make up the index. So, how do home prices in Reno, Nevada compare nationally?
For the same June year-over-year period home prices locally saw the following increases:
• Reno, NV: +32.5%
• Reno-Sparks, NV: +30.2%
• Sparks, NV: +21.7%
Yes, home price appreciation is shattering records across the U.S., but it’s even greater here in the Reno-Sparks market.
1The S&P CoreLogic Case-Shiller 20-City Composite Home Price NSA Index seeks to measures the value of residential real estate in 20 major U.S. metropolitan areas: Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa and Washington, D.C.