S&P Case-Schiller HPI 0.9% in June

S&P Case-Shiller HPI

Released On 8/27/2013 9:00:00 AM For Jun, 2013 Prior Prior Revised Consensus Consensus Range Actual 20-city, SA - M/M 1.0 % 1.0 % 1.0 % 0.6 % to 1.4 % 0.9 % 20-city, NSA - M/M 2.4 % 2.5 % 2.2 % 20-city, NSA - Yr/Yr 12.2 % 12.2 % 12.2 % 11.3 % to 12.3 % 12.1 %

Home price appreciation is very strong but is a bit less frothy than during the spring. Case-Shiller's 20-city adjusted index is up 0.9 percent in the June report vs an average monthly gain of 1.4 percent from January to May. But the year-on-year adjusted gain, at a very sizable 12.0 percent, is just off its best level of the recovery which is May at plus 12.2 percent. Monthly declines have been popping up in the data for the first time this year but are still isolated and mostly marginal. Year-on-year rates are strongest out West, around the 20 percent area led by Las Vegas at 24.8 percent and San Francisco at 24.4 percent. Note that West coast cities posted some of the sharpest declines during the 2008 meltdown. Cities showing the least gains this year are New York, at a year-on-year plus 3.2 percent, and Cleveland at 3.4 percent. Unadjusted data are followed closely in this report and tell the same story with the year-on-year rate at 12.1 percent for the 20-city index. The unadjusted monthly gain in June, a month when buyer traffic is strong and sellers have pricing power, is 2.2 percent vs a revised 2.5 percent in May. Prices for existing homes are very strong and remain a major plus for homeowners. Next housing data on the Econoday calendar will be tomorrow with purchase applications followed by pending home sales. Source: Bloomberg