Keeping you up to date on the latest data releases.
The S&P/Case-Shiller 10- and 20-city Home Price Indexes both rose an eighth straight month in January and performed exactly as they had in December, showing respective increases of 0.4 percent and 0.3 percent. Continual increases in home prices recently have surprised expectations on the upside, particularly when set against a backdrop of poor home sales reports. The 12-month growth rates for both series improved in January and currently stand at 0.0 percent for the 10-city index and −0.7 percent for the 20-city index, up from lows of at least −19.0 percent in January 2009.
Meanwhile, the monthly FHFA Purchase-Only House Price Index dipped 0.6 percent in January following a 2.0 percent decline in December. The FHFA index offers much broader geographic coverage than either of the S&P/Case-Shiller indexes. Although its steady freefall was tamed toward the end of 2008, the monthly index has continued on a slower but still downward path. Year-over-year growth was improving up until last November when it went briefly positive but has since turned south again, coming in at −3.4 percent for January.