After seasonal adjustment, the National Index posted a month-over-month increase of 0.3%, the 10-City Composite rose 0.5%, and the 20-City reported a monthly increase of 0.4%.
Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices, commented on the trend: “For the second consecutive month, we’ve seen our National Index jump at least 1% over its previous all-time high. 2024 is closely tracking the strong start observed last year, where March and April posted the largest rise seen prior to a slowdown in the summer and fall.
“Heading into summer, the market is at an all-time high, once again testing its resilience against the historically more active time of the year,” he said in the report.
Despite the overall growth, the pace of price increases has decelerated since the start of the year, with only two markets rising annually.
“Thirteen markets are currently at all-time highs, and San Diego reigns supreme once again, topping annual returns for the last six months,” Luke said. “The Northeast is the best-performing market for the previous nine months, with New York rising 9.4% annually. Sustained outperformance of the Northeast market was last observed in 2011. For the decade that followed, the West and the South held the top posts for performance. It’s now been over a year since we’ve seen the top region come from the South or the West.”
