Keeping you up to date on the latest data releases.
The S&P Case-Shiller national home price index increased by 3.6 percent in the second quarter of 2011, after having deceasing 4.1 percent in the first quarter. On an annual basis home prices declined 5.9 percent when compared to the second quarter of 2010. For the last three consecutive months both the 10- and 20-city composites have increased, showing positive increases for the Spring home buying season. As of June 2011, 19 of the 20 MSA’s covered posted monthly gains and all cities where above their record lows. Nationally, home prices area back to their 2003 levels.
The FHFA purchase-only housing price index was not as strong in second quarter, whereas prices fell 0.6 percent from the first three months of the year and are down 5.9 percent from the second quarter of 2010. Notably, purchase prices in Pittsburgh were up 3.6 percent over the last four quarters, which represents the largest increase in the nation. Across the nine Census regions, New England and the West South Central posted the strongest gains of 0.7 percent, while the Mountain region fell 2.3 percent. On a monthly basis from May to June the index rose 0.9 percent to a level nearly 19 percent below the peak of April 2007.