Case-Shiller Home Prices: Finish 2016 up 5.6%
February 28, 2017
Bottom Line: As sales reports continued to show low supply of homes for sale, prices continued to push higher to end 2016. Prices were higher in all 20 MSAs for the year with the fastest growth in the Pacific Northwest (Seattle up nearly 12% and Portland up over 10% on the year), while the East Coast is seeing slower price gains (NY metro area was the slowest, up 3.3%).
Case Shiller 20-City Home Price Index ROSE by 0.9% (seasonally adjusted) in December to 194.0, compared with market expectations for an increase of 0.7%.
On a non-seasonally adjusted basis, the home price index ROSE by 0.3% on the month.
Home prices are 5.6% ABOVE their year ago level.
Nationwide home prices are still 6.2% BELOW their April 2006 peak, near April 2005 levels and 41.8% ABOVE their January 2012 trough.
Housing prices rose in 20 of the 20 metro areas in December (on a seasonally adjusted basis) and in 20 of 20 metro areas on a year-over-year basis.
New York had the smallest year-over-year increase at 3.3% while Seattle had the largest year-over-year increase at 11.9%.
Article by Contingent Macro Advisors