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: Broad-based Slowdown for Home Prices According to the S&P/Case-Shiller Home Price Indices
S&P Dow Jones Indices today released the September 2014 index data for the S&P/Case-Shiller Home Price Indices ... Results show that home prices continue to decelerate. The 10-City Composite gained 4.8% year-over-year, down from 5.5% in August. The 20-City Composite gained 4.9% year-over-year, compared to 5.6% in August.Click on graph for larger image.
The National and Composite Indices were both slightly negative in September. Both the 10 and 20-City Composites reported a slight downturn while the National Index posted a -0.1% change for the month. Charlotte and Miami led all cities in September with increases of 0.6%. Atlanta and Washington D.C. offset those gains by reporting decreases of 0.3% and 0.4%. ...
The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 4.8% annual gain in September 2014. The 10- and 20-City Composites reported year-over-year increases of 4.8% and 4.9%.
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 18.5% from the peak, and up 0.3% in September (SA). The Composite 10 is up 23.3% from the post bubble low set in Jan 2012 (SA).
The Composite 20 index is off 17.6% from the peak, and up 0.3% (SA) in September. The Composite 20 is up 24.2% from the post-bubble low set in Jan 2012 (SA).
The National index is off 10.4% from the peak, and up 0.7% (SA) in September. The National index is up 21.0% 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 4.9% compared to September 2013.
The Composite 20 SA is up 4.9% compared to September 2013.
The National index SA is up 4.8% compared to September 2013.
Prices increased (SA) in 16 of the 20 Case-Shiller cities in September seasonally adjusted. (Prices increased in 9 of the 20 cities NSA) Prices in Las Vegas are off 42.3% from the peak, and prices in Denver and Dallas are at new highs (SA).
This was above than the consensus forecast for a 4.5% YoY increase for the National index, and suggests a further slowdown in price increases. I'll have more on house prices later.
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