With today’s release of the March S&P/Case-Shiller Home Price Index, we learned that seasonally adjusted home prices for the benchmark 20-city index were up 0.9% month over month. The seasonally adjusted year-over-year change has hovered between 4.2% and 5.8% for the last twenty-five months. Today’s S&P/Case-Shiller National Home Price Index (Nominal) reached another new high. The Real S&P/C-S HPI is at its post-recession high.
The adjacent column chart illustrates the month-over-month change in the seasonally adjusted 20-city index, which tends to be the most closely watched of the Case-Shiller series. It was up 0.9% from the previous month. The nonseasonally adjusted index was up 5.9% year-over-year.
Investing.com had forecast a 0.9% MoM seasonally adjusted increase and 5.7% YoY nonseasonally adjusted for the 20-city series.
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Here is an excerpt of the analysis from today’s Standard & Poor’s press release.
‘Home prices continue rising with the S&P Corelogic Case-Shiller National Index up 5.8% in the year ended March, the fastest pace in almost three years,’ says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. ‘While there is some regional variation, prices are rising across the U. S. Half of the 20 cities tracked by the S&P Corelogic Case-Shiller indices rose more than 6% from March 2016 to March 2017. The smallest gain of 4.1%, in New York, was roughly double the rate of inflation.
This post was published at FinancialSense on 05/30/2017.
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