There might be a little hiccup here on the reporting of the latest SD Case-Shiller Index – or it really flattened out in October. The index is being reported as the same for September and October:
Here’s what I used last month:
Here is how it reads today directly from the Standard and Poor’s website:
FRED usually reports their data a few hours later, so I’ll check to see if it changes. But for now, it looks like our local index hit the skids in 4Q17.
Update: Yep, FRED is reporting the exact same number as in September:
San Diego Non-Seasonally-Adjusted CSI changes:
The highest reading of the San Diego NSA CSI was 250.34 in November, 2005.
“Since home prices are rising faster than wages, salaries, and inflation, some areas could see potential home buyers compelled to look at renting,” said David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices.
The strongest annual gains occurred in Seattle, where prices have shot up 12.7 percent since October 2015. Las Vegas has seen prices increase 10.2 percent, while San Diego notched growth of 8.1 percent. Of the 20 metro areas tracked by the index, Washington, DC reported the smallest price gain with 3.1 percent.
As the economy has steadily recovered from the 2008 financial crisis, demand from would-be buyers has steadily improved. The 17-year low unemployment rate of 4.1 percent has left more Americans confident enough to put bids on homes. Sales of existing homes in November reached their strongest pace since December 2006, according to the National Association of Realtors. But the sales growth hasn’t compelled more people to list their homes for sale, as the number of properties on the market has tumbled nearly 10 percent in the past 12 months.
FRED’s re-calibration on the September index – that is flat, and not +0.01%: