ECON: Case Shiller Home Prices Rise Slightly Slower Than Expected
- 20 city index +1.0 vs +1.5 forecast
- non-seasonally-adjusted +2.4 vs +2.3
- year over year +12.2 vs +12.4 forecast
- year over year,largest increase since March 2006
Data through May 2013, released today by S&P Dow Jones Indices for
its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, showed increases
of 2.5% and 2.4% for the 10- and 20-City Composites in May versus April. Dallas and Denver
reached record levels surpassing their pre-financial crisis peaks set in June 2007 and August 2006.
This is the first time any city has made a new all-time high.
The 10- and 20-City Composites annual returns rose slightly from April to May as they posted the
best year-over-year gains since March 2006. All 20 cities increased from May 2012 to May 2013 and
from April 2013 to May 2013.
“Home prices continue to strengthen,” says David M. Blitzer, Chairman of the Index Committee at
S&P Dow Jones Indices. “Two cities set new highs, surpassing their pre-crisis levels and five cities –
Atlanta, Chicago, San Diego, San Francisco and Seattle – posted monthly gains of over three percent,
also a first time event.
“The Southwest and the West saw the strongest year-over-year gains as San Francisco home prices
rose 24.5% followed by Las Vegas (+23.3%) and Phoenix (+20.6%). New York (+3.3%), Cleveland
(+3.4%) and Washington DC (+6.5%) were the weakest. Monthly numbers before seasonal
adjustment showed all 20 cities experienced rising prices. San Francisco (+4.3%), Chicago (+3.7%)
and Atlanta (+3.4%) were the leaders. However, two cities – Cleveland and Minneapolis were down
slightly after seasonal adjustment.