Keeping you up to date on the latest data releases.
The national S&P/Case-Shiller Home Price Index rose 2.3 percent in the second quarter, reversing the first quarter’s 1.1 percent decline and marking the largest quarterly price increase since the fourth quarter of 2005. The index has advanced in all but one quarter this past year, boosting year-over-year growth further out of the red, to 3.6 percent. However, since second-quarter data include transactions in April and May, which were aided by the government stimulus, performance in the third quarter is not expected to be as strong. The monthly 10-city and 20-city composite price indexes continued to climb, but both slowed from 0.5 percent growth in May to 0.3 percent in June. The 12-month growth rates for both also calmed a little, from 5.4 percent to 5.0 percent for the 10-city index, and from 4.6 percent to 4.2 in the 20-city index.
Meanwhile, the other major home price index, published by the Federal Housing Finance Agency (FHFA), also posted second-quarter growth. The FHFA’s Purchase-Only House Price Index advanced a moderate 0.9 percent, ending the parade of quarterly declines begun back in the third quarter of 2007. Year-over-year growth remained in negative territory but improved mildly, from −3.2 percent to −1.6 percent, and has risen from a trough of −8.3 percent in the last quarter of 2008. The FHFA’s monthly home price index, however, posted its first decline in three months, slipping 0.3 percent in June after increasing 0.4 percent in May.