Case-Shiller Home Prices: Acceleration in October and November
January 30, 2018
Bottom Line: Home prices rose more than expected for the second straight month in November. Previous reports showed strength in sales in October and November, mostly due to hurricane-related activity. However, this report shows that price gains were broad nationally. The Tampa, FL area saw strong gains but so too did markets that have been strong for years, Vegas, San Francisco, and Seattle, for instance. Miami and Cleveland remained the slowest markets. Overall, tight supply conditions were causing a moderate acceleration in home prices in late 2017, and most sales data suggest that should continue into 2018.
Case Shiller 20-City Home Price Index
Home prices are 6.4% ABOVE their year ago level. Nationwide home prices are now just 1.0% BELOW their April 2006 peak, near late 2005 levels and 49.5% ABOVE their January 2012 trough.
On a non-seasonally adjusted basis, the home price index ROSE by 0.2% on the month.
Housing prices rose in 19 of the 20 metro areas in November (on a seasonally adjusted basis) and in 20 of 20 metro areas on a year-over-year basis.
Washington DC had the smallest year-over-year increase at 3.7% while Seattle had the largest year-over-year increase at 13.7%.
Article by Contingent Macro Advisors