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 Continue to Slow According to the S&P/Case-Shiller Home Price Indices
Data released today for November 2014 shows a continued slowdown in home prices nationwide, but with price increases in nine cities. ... Both the 10-City and 20-City Composites saw year-over-year growth rates decline in November compared to October. The 10-City Composite gained 4.2% year-over-year, down from 4.4% in October. The 20-City Composite gained 4.3% year-over-year, compared to 4.5% in October. The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 4.7% annual gain in November 2014 versus 4.6% in October 2014.Click on graph for larger image.
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The National and Composite Indices were both marginally negative in November. The 10 and 20-City Composites reported declines of -0.3% and -0.2%, while the National Index posted a decline of -0.1% for the month. Tampa led all cities in November with an increase of 0.8%. Chicago and Detroit offset those gains by reporting decreases of -1.1% and -0.9% respectively.
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 17.4% from the peak, and up 0.7% in November (SA).
The Composite 20 index is off 16.4% from the peak, and up 0.7% (SA) in November.
The National index is off 9.1% from the peak, and up 0.8% (SA) in November. The National index is up 22.8% from the post-bubble low set in Dec 2011 (SA).
The second graph shows the Year over year change in all three indices.
The Composite 10 SA is up 4.2% compared to November 2013.
The Composite 20 SA is up 4.3% year-over-year..
The National index SA is up 4.7% year-over-year.
Prices increased (SA) in all 20 of the 20 Case-Shiller cities in November seasonally adjusted. (Prices increased in 11 of the 20 cities NSA) Prices in Las Vegas are off 41.7% from the peak, and prices in Denver and Dallas are at new highs (SA).
This was close to the consensus forecast for a 4.6% YoY increase for the National index, and suggests a slight further slowdown in price increases. I'll have more on house prices later.
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