Keeping you up to date on the latest data releases.
The S&P/Case-Shiller 10- and 20-city indexes each saw small declines in August, dropping 0.2 percent and 0.3 percent, respectively. Year-over-year growth in the indexes also weakened to the slowest pace since February, when the series made their post-recession debuts back into positive territory. Year-over-year growth dropped from 4.0 to 2.5 percent for the 10-city index, and from 3.1 to 1.7 percent for the 20-city index. Home prices in the Cleveland metropolitan area declined a fourth consecutive month in August, falling 1.1 percent and leaving them 0.5 percent below their year-ago level. However, since the Cleveland area has the lowest number of sales pair counts (observations) of all metro areas included in the composite 20 index, it tends to see considerable volatility in its measurement of home prices from period to period.
The FHFA Purchase-Only House Price Index countered the S&P/Case-Shiller index in August, rising 0.4 percent over the month and strengthening year-over-year growth from −3.4 percent up to −2.4 percent. The only region with higher prices since August 2009 was West South Central, and regions hurting the most were the Mountain region, down 7.5 percent from a year ago, and South Atlantic, down 4.9 percent.