Keeping you up to date on the latest data releases.
From April to May the S&P Case-Shiller 10- and 20-city housing price composite indexes rose a seasonally-adjusted 1.1 and 1.0 percent, respectively. On a nonseasonally-adjusted basis, Dallas and Denver reached record-level highs, surpassing pre-financial crisis peaks. Additionally, five cities posted monthly gains of over 3.0 percent. Elsewhere, only two cities experienced monthly price declines after seasonal adjustment: Cleveland, down 0.5 percent and Minneapolis, down 0.2 percent. On an annual basis, both indexes posted the strongest year-over-year gains since March 2006, as the 10-city composite rose a seasonally-adjusted 11.8 percent and the 20-city composite rose 12.2 percent. Overall home prices are back to spring 2004 levels.
The FHFA housing price index rose by 0.7 percent in May after a slight downward revision to April’s estimate. This represents the sixteenth consecutive month of home price increases and a 7.3 percent increase over the past 12 months. Regionally, monthly price changes where modest across all regions, while annual growth rates ranged from a 3.3 percent increase in the Middle Atlantic to a 15.8 percent increase in the Pacific. Overall home prices are back to early 2005 levels.