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Case-Shiller Home Prices: Increase Modestly

June 28, 2016
Bottom Line: Home prices rose in April for the 10th consecutive month, slightly less than expectations. Prices are now 38.2% 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 0.5% (seasonally adjusted) in April to 189.0, compared with market expectations for an increase of 0.6%. This was the index's 10th monthly increase after 2 consecutive monthly declines. The prior month was revised from 0.85% to 0.81%. Home prices are 5.4% ABOVE their year ago level. This was the 47th consecutive year-over-year increase following 20 straight months of year-over-year declines. Nationwide home prices are still 8.6% BELOW their April 2006 peak, near June 2005 levels and 38.2% ABOVE their January 2012 trough.

(On a non-seasonally adjusted basis, the home price index ROSE by 1.1% and is now 5.4% ABOVE their year earlier level.) Housing prices rose in 16 of the 20 metropolitan areas in April (on a seasonally adjusted basis) and in all metropolitan areas on a year-over-year basis. Washington DC had the smallest year-over-year increase at 1.5% while Portland had the largest year-over-year increase at 14.3%.
Article by contingentmacro