Case-Shiller: Home Prices Increase Modestly
December 29, 2015
Case Shiller 20-City Home Price Index ROSE by 0.8% (seasonally adjusted) in October to 181.1, compared with market expectations for an increase of 0.6%. This was the index's 3rd monthly increase after 4 consecutive monthly declines. The prior month was revised from 0.61% to 0.50%. Home prices are 5.6% ABOVE their year ago level. This was the 41st consecutive year-over-year increase following 20 straight months of year-over-year declines. Nevertheless, nationwide home prices are still 12.4% BELOW their April 2006 peak, near March 2005 levels and 32.4% ABOVE their January 2012 trough. (On a non-seasonally adjusted basis, the home price index ROSE by 0.1% and is now 5.5% ABOVE their year earlier level.) Housing prices rose in all metropolitan areas in October (on a seasonally adjusted basis) and in all metropolitan areas on a year-over-year basis. Chicago had the smallest year-over-year increase at 1.8% while San Francisco had the largest year-over-year increase at 12.7%. Bottom Line: Home prices rose in October for the 3rd consecutive month, more than expectations. Prices are now 32.4% above the cyclical nadir in January 2012. Over the past one year home price trends are positive but the year over year growth is increasing at a slower pace.
Article by contingentmacro