Keeping you up to date on the latest data releases.
Today’s release of the monthly S&P/Case-Shiller House Price Index shows that home prices continue to fall across the country. In the three months ending in October, the 10-city composite index dropped 0.9 percent, and the 20-city composite fell 1.0 percent, marking a fourth consecutive decline for both measures. Year-over-year growth in the 10-city index slowed to a mere 0.2 percent, its lowest since January, while year-over-year growth in the 20-city index slumped even further, returning to negative territory at −0.8 percent. Of the twenty major markets tracked by S&P/Case-Shiller, eleven hit fresh lows since prices began to dip in 2006 and 2007 (Chicago, Las Vegas, Miami, New York City, Atlanta, Charlotte, Detroit, Phoenix, Portland, Seattle, and Tampa).
The Federal Housing Finance Agency’s (FHFA) purchase-only index managed a 0.7 percent increase in October following four uninterrupted declines. However, September’s 0.7 percent decline reported last month was revised downward to a 1.2 percent drop, leaving year-over-year growth little changed, at −3.4 percent. All nine Census divisions tracked by the FHFA House Price Index still fall below their year-ago levels, led by East South Central, Mountain, and Pacific. Six of those nine divisions showed mild price increases in October, resulting in the overall monthly gain.