The index in May and June might ‘decelerate’, but the usual seasonal surge in our Case-Shiller Index should be delayed this year. The index is hitting all-time highs while we are in a recession, officially!
San Diego Non-Seasonally-Adjusted CSI changes:
Nationally, prices rose 4.5% annually in May, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index. That is down from the 4.6% gain in April.
Home prices in the 10-city composite increased 3.1% annually, down from 3.3% in the previous month. The 20-city composite rose 3.7% year over year, down from 3.9% in April (Detroit was excluded from the composite due to data collection issues).
“More data will obviously be required in order to know whether May’s report represents a reversal of the previous path of accelerating prices or merely a slight deviation from an otherwise intact trend,” said Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices. “Even if prices continue to decelerate, that is quite different from an environment in which prices actually decline.”
Home values increased in all 19 of the cities for which data was available, but the gains accelerated in just three. Prices were accelerating in 12 cities in April and 18 cities in March.
Regionally, price gains in Phoenix, Seattle and Tampa continued to be the strongest in the nation. Phoenix posted a 9% year-over-year price increase, followed by Seattle with a 6.8% increase and Tampa with a 6% increase. Price gains were smallest in Chicago, New York and San Francisco.Link to Article