Keeping you up to date on the latest data releases.
In October, the S&P Case Shiller Housing Price Indexes fell 0.1 percent for both the 10- and 20-city composites and posted annual increases of 3.4 percent and 4.3 percent, respectively. Anticipated seasonal weakness was seen as 12 of the 20 cities saw monthly declines in October, compared to seven in September. Included among those cites with monthly declines was Cleveland, which fell 0.9 percent in October to an index level of 101.5 but has increased 1.8 percent over the past 12 months. While annual rates of change for home prices are showing strong growth, both composites are back to fall 2003 levels.
The FHFA housing price index rose 0.5 percent in October and 5.6 percent over the past 12-months after a downward revision to September’s estimate. Regionally, monthly price changes ranged from a 2 percent increase in the Pacific to a 1.3 percent decline in the Middle Atlantic, which includes some of the areas that were most severely impacted by Hurricane Sandy. Overall the index is back to mid-2004 levels, but still 15.7 percent below the April 2007 peak.