This release includes prices for 20 individual cities, and two composite indices (for 10 cities and 20 cities) and the new monthly National index.
Note: Case-Shiller reports Not Seasonally Adjusted (NSA), I use the SA data for the graphs.
From S&P: Broad-Based Easing of Home Price Gains in July According to the S&P/Case-Shiller Home Price Indices
Data through July 2014, released today by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices ... show a significant slowdown in price increases. Nineteen of the 20 cities saw lower annual returns in July. Las Vegas, Miami and San Francisco were the only cities to report double-digit annual gains. Cleveland’s rate remained unchanged at +0.9% for the 12 months ending July 2014.Click on graph for larger image.
In July, the 10-City and 20-City Composites increased 0.6% and the National Index 0.5%. Although all cities but one gained on a monthly basis, 17 saw smaller increases in July as compared to last month. Although New York saw a lower gain this month, it was the only city where prices rose over one percent. San Francisco posted its largest decline of 0.4% since February 2012. ...
The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.6% annual gain in July 2014. The 10- and 20-City Composites posted year-over-year increases of 6.7%.
The first graph shows the nominal seasonally adjusted Composite 10, Composite 20 and National indices (the Composite 20 was started in January 2000).
The Composite 10 index is off 18.7% from the peak, and down 0.5% in July (SA). The Composite 10 is up 23.1% from the post bubble low set in Jan 2012 (SA).
The Composite 20 index is off 17.9% from the peak, and down 0.5% (SA) in July. The Composite 20 is up 23.7% from the post-bubble low set in Jan 2012 (SA).
The National index is off 11.4% from the peak, and up 0.2% (SA) in July. The National index is up 19.7% from the post-bubble low set in Dec 2012 (SA).
The second graph shows the Year over year change in all three indices.
The Composite 10 SA is up 6.7% compared to July 2013.
The Composite 20 SA is up 6.7% compared to July 2013.
The National index SA is up 5.6% compared to July 2013.
Prices increased (SA) in 5 of the 20 Case-Shiller cities in July seasonally adjusted. (Prices increased in 19 of the 20 cities NSA) Prices in Las Vegas are off 42.6% from the peak, and prices in Denver and Dallas are at new highs (SA).
This was lower than the consensus forecast for a 7.5% YoY increase for the Composite 20 index, and suggests a further slowdown in price increases. I'll have more on house prices later.
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