by Bill McBride on 12/27/2016 09:10:00 AM
Tuesday, December 27, 2016
S&P/Case-Shiller released the monthly Home Price Indices for October ("October" is a 3 month average of August, September and October 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: The S&P CoreLogic Case-Shiller National Index Extends New High as Price Gains Continues
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.6% annual gain in October, up from 5.4% last month. The 10-City Composite posted a 4.3% annual increase, up from 4.2% the previous month. The 20-City Composite reported a year-over-year gain of 5.1%, up from 5.0% in September.Click on graph for larger image.
Seattle, Portland, and Denver reported the highest year-over-year gains among the 20 cities over each of the last nine months. In October, Seattle led the way with a 10.7% year-over-year price increase, followed by Portland with 10.3%, and Denver with an 8.3% increase. 10 cities reported greater price increases in the year ending October 2016 versus the year ending September 2016.
Before seasonal adjustment, the National Index posted a month-over-month gain of 0.2% in October. The 10-City Composite remains unchanged and the 20-City Composite posted a 0.1% increase in October. After seasonal adjustment, the National Index recorded a 0.9% month-overmonth increase, while both the 10-City and 20-City Composites each reported a 0.6% month-overmonth increase. 13 of 20 cities reported increases in September before seasonal adjustment; after seasonal adjustment, all 20 cities saw prices rise.
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 10.0% from the peak, and up 0.6% in October (SA).
The Composite 20 index is off 7.8% from the peak, and up 0.6% (SA) in October.
The National index is at the previous peak (SA), and up 0.85% (SA) in October. The National index is up 35.1% 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 October 2015.
The Composite 20 SA is up 5.1% year-over-year.
The National index SA is up 5.6% year-over-year.
Note: According to the data, prices increased in all 20 cities month-over-month seasonally adjusted.
I'll have more later.