With the July index being a 3-month weighted average, this should be the last of the stronger readings of 2024 and the momentum should taper off for the rest of the year. I like using the non-seasonally adjusted index because we can handle the truth. The San Diego seasonally-adjusted index dropped 0.58% month-over-month.
Mid-Day Edit: The index is released on the last Tuesday of the month but I think it caught the S&P staff off guard because their dissemination of the data is still lagging. But finally on their webite they noted that the non-seasonally adjusted index DROPPED the 0.58%, not the seasonally-adjusted (which rose 0.12%).
From cnbc:
New York saw the highest annual gain among the 20 cities, with prices climbing 9% in June, followed by San Diego and Las Vegas with annual increases of 8.7% and 8.5%, respectively. Portland, Oregon, saw just a 0.8% annual rise in June, the smallest gain of the top cities.
Since housing affordability has been a major talking point in this election cycle, this month’s report also broke out home values by price tier, dividing each city’s market into three tiers. Looking just at large markets over the past five years, it found that 75% of the markets covered show low-price tiers rising faster than the overall market.
“For example, the lower tier of the Atlanta market has risen 18% faster than the middle- and higher-tiered homes,” Luke wrote in the release.
“New York’s low tier has the largest five-year outperformance, rising nearly 20% above the overall New York region,” he continued. “New York also has the largest divergence between low- and high-tier prices. Conversely, San Diego has seen the largest appreciation in higher-tier homes over the past five years.”
Prices in the overall San Diego market are up 72% in the past five years, but the high tier is up 79% versus 63% for the lower tier.
https://www.cnbc.com/2024/08/27/home-prices-hit-record-high-in-june-on-sp-case-shiller-index.html
