by Calculated Risk on 8/31/2010 09:00:00 AM
Tuesday, August 31, 2010
Case-Shiller: Home Price indices increase in June
IMPORTANT: These graphs are Seasonally Adjusted (SA). S&P has cautioned that the seasonal adjustment is probably being distorted by irregular factors. These distortions could include distressed sales and the various government programs.
S&P/Case-Shiller released the monthly Home Price Indices for June (actually a 3 month average of April, May and June).
This includes prices for 20 individual cities, and two composite indices (10 cities and 20 cities) and the quarterly national index.
From S&P: For the Past Year Home Prices Have Generally Moved Sideways
Data through June 2010, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show that the U.S. National Home Price Index rose 4.4% in the second quarter of 2010, after having fallen 2.8% in the first quarter. Nationally, home prices are 3.6% above their year-earlier levels. In June, 17 of the 20 MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were up; and the two composites and 15 MSAs showed year-over-year gains. Housing prices have rebounded from crisis lows, but other recent housing indicators point to more ominous signals as tax incentives have ended and foreclosures continue.
![Case-Shiller House Prices Indices](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVjv5TkP3WiRrcW3bDcvqN4rgCbPrN47fEApdUUjHcObIhDlZZQXBJLXM7s71kMBuPQu8S9-jgsx5DRg8e_i7-6DzouoA-slvQCE5mLZ6L9kl8v3ybXE8wT2SxqGxktg_Xr1mS/s320/CSJune2010.jpg)
The first graph shows the nominal seasonally adjusted Composite 10 and Composite 20 indices (the Composite 20 was started in January 2000).
The Composite 10 index is off 29.0% from the peak, and up 0.3% in June (SA).
The Composite 20 index is off 28.4% from the peak, and up 0.3% in June (SA).
![Case-Shiller House Prices Indices](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMPKrV5KpaZLTqofHtL6GaaLMqTlXYYUjBbxZYpYGE96Ahq2gES6_HfQU5kV1CB1jA9HvbD5TXraZeQxrfxsGlqN6AcXRwwDZH5nj9M1JU_zqcWBubv7MuEWcqvWe_iXtKGkm8/s320/CaseShillerYoYJune2010.jpg)
The Composite 10 is up 5.0% compared to June 2009.
The Composite 20 is up 4.2% compared to June 2009.
This is the fifth month with YoY price increases in a row.
The third graph shows the price declines from the peak for each city included in S&P/Case-Shiller indices.
![Case-Shiller Price Declines](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBbeRV7k_3CiBHb1ZnHHobym7hLEQ4BWiaCXVStvl67KtIWvHntgMqapafXaRZd41Uei7pnkaerDmcQ3AbsmW5Z8mz-8HyCkxtY2nUK2NqDorcRlkQBlgV4eREGso4rMcAfytE/s320/CSCitiesJune2010.jpg)
Prices in Las Vegas are off 56.5% from the peak, and prices in Dallas only off 4.8% from the peak.
Prices are probably falling right now (starting in July), but this will not show up in the Case-Shiller index for a few months since this an average of three months.