by Bill McBride on 10/25/2016 09:12:00 AM
Tuesday, October 25, 2016
S&P/Case-Shiller released the monthly Home Price Indices for August ("August" is a 3 month average of June, July and August 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 Price Gains Continues in August According to the S&P CoreLogic Case-Shiller Indices
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.3% annual gain in August, up from 5.0% last month. The 10-City Composite posted a 4.3% annual increase, up from 4.1% the previous month. The 20-City Composite reported a year-over-year gain of 5.1%, up from 5.0% in July.Click on graph for larger image.
Before seasonal adjustment, the National Index posted a month-over-month gain of 0.5% in August. Both the 10-City Composite and the 20-City Composite posted a 0.4% increase in August. After seasonal adjustment, the National Index recorded a 0.6% month-over-month increase, and both the 10-City Composite and the 20-City Composite reported 0.2% month-over-month increases. After seasonal adjustment, 14 cities saw prices rise, two cities were unchanged, and four 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 10.9% from the peak, and up 0.2% in August (SA).
The Composite 20 index is off 8.9% from the peak, and up 0.2% (SA) in August.
The National index is off 1.6% from the peak (SA), and up 0.6% (SA) in August. The National index is up 33.0% 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 4.3% compared to August 2015.
The Composite 20 SA is up 5.1% year-over-year.
The National index SA is up 5.3% year-over-year.
Note: According to the data, prices increased in 15 of 20 cities month-over-month seasonally adjusted.
I'll have more later.