Keeping you up to date on the latest data releases.
On a monthly basis the S&P Case-Shiller Housing Price Index reported that the 10- and 20-city composites increased 1.1 and 1.0 percent, respectively from April to May. Sixteen of the 20 MSAs and both composites posted positive monthly increases. Detroit, Las Vegas, and Tampa were down from April and Phoenix was unchanged. Although the monthly data is encouraging, on an annual basis 19 of the 20 MSAs were down. Washington D.C. was the only MSA to post a positive gain of 1.3 percent, while Minneapolis fared the worst posting a double-digit decline of 11.7 percent from May 2010. Overall, the 10-city composite was down 3.6 percent and the 20-city composite was down 4.5 percent. This is the second consecutive month of generally increased housing prices, which was expected due to seasonal increases to the demand for housing; however it is still uncertain as to whether these improvements are sustainable.
According to the FHFA housing price index, U.S. house prices rose 0.4 percent on a seasonally-adjusted basis from April to May. The previously reported 0.8 percent increase in April was downwardly revised to a 0.2 percent increase. On an annual basis U.S. housing prices are down 6.3 percent from May 2010. Throughout the nine census divisions monthly prices changes ranged from a 1.0 percent decline in the West South Central Division to a 2.0 increase in the Mountain Division. The U.S. index is 19.6 percent below its April 2007 peak and roughly the same as the January 2004 index level.