by Bill McBride on 6/28/2016 09:12:00 AM
Tuesday, June 28, 2016
S&P/Case-Shiller released the monthly Home Price Indices for April ("April" is a 3 month average of February, March and April prices).
This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index.
Note: Case-Shiller reports Not Seasonally Adjusted (NSA), I use the SA data for the graphs.
From S&P: Home Prices Continue Gains in April According to the S&P/Case-Shiller Home Price Indices
The S&P/Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, reported a 5.0% annual gain in April, down from 5.1% the previous month. The 10-City Composite posted a 4.7% annual increase, down from 4.8% in March. The 20-City Composite reported a yearover-year gain of 5.4%, down from 5.5% from the prior month.Click on graph for larger image.
Before seasonal adjustment, the National Index posted a month-over-month gain of 1.0% in April. The 10-City Composite recorded a 1.0% month-over-month increase, while the 20-City Composite posted a 1.1% increase in April. After seasonal adjustment, the National Index recorded a 0.1% month-overmonth increase, the 10-City Composite posted a 0.3% increase, and the 20-City Composite reported a 0.5% month-over-month increase. After seasonal adjustment, 15 cities saw prices rise, two cities were unchanged, and three cities experienced negative monthly prices changes.
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 10.6% from the peak, and up 0.3% in April (SA).
The Composite 20 index is off 9.0% from the peak, and up 0.5% (SA) in April.
The National index is off 3.0% from the peak, and up 0.1% (SA) in April. The National index is up 31.0% from the post-bubble low set in December 2011 (SA).
The second graph shows the Year over year change in all three indices.
The Composite 10 SA is up 4.7% compared to April 2015.
The Composite 20 SA is up 5.4% year-over-year..
The National index SA is up 5.0% year-over-year.
Note: According to the data, prices increased in 16 of 20 cities month-over-month seasonally adjusted.
I'll have more later.