Case-Shiller: Home Prices Increase Modestly
May 31, 2016
Bottom Line: Home prices rose in March for the 8th consecutive month. Prices are now 37.6% above the cyclical nadir in January 2012. Over the past year and a half home prices are rising steadily around 5% year-over-year. Case Shiller 20-City Home Price Index ROSE by 0.9% (seasonally adjusted) in March to 188.2, compared with market expectations for an increase of 0.8%. This was the index's 8th monthly increase after 2 consecutive monthly declines. Home prices are 5.4% ABOVE their year ago level. This was the 46th consecutive year-over-year increase following 20 straight months of year-over-year declines. Nevertheless, nationwide home prices are still 8.9% BELOW their April 2006 peak, near April 2005 levels and 37.6% ABOVE their January 2012 trough. (On a non-seasonally adjusted basis, the home price index ROSE by 0.9% and is now 5.4% ABOVE their year earlier level.) Housing prices rose in most metropolitan areas in March (on a seasonally adjusted basis) and on a year-over-year basis. Chicago had the smallest year-over-year increase at 2.7% while Seattle had the largest year-over-year increase at 11.8%.
Article by contingentmacro