by CalculatedRisk on 9/27/2011
S&P/Case-Shiller released the monthly Home Price Indices for July (actually a 3 month average of May, June and July).
This includes prices for 20 individual cities and and two composite indices (for 10 cities and 20 cities).
Note: Case-Shiller reports NSA, I use the SA data. The composite indexes were up about 0.9% in July (from June) Not Seasonally Adjusted (NSA), but flat Seasonally Adjusted (SA).
Data through June 2011, released today by S&P Indices for its S&P/Case-Shiller Home Price Indices … showed a fourth consecutive month of increases for the 10- and 20-City Composites, with both up 0.9% in July over June. Seventeen of the 20 MSAs and both Composites posted positive monthly increases; Las Vegas and Phoenix were down over the month and Denver was unchanged.
The first graph shows the nominal seasonally adjusted Composite 10 and Composite 20 indices (the Composite 20 was started in January 2000).
The Composite 10 index is off 32% from the peak, and down slightly in July (SA). The Composite 10 is 1.4% above the June 2009 post-bubble bottom (Seasonally adjusted).
The Composite 20 index is off 31.8% from the peak, and up slightly in July (SA). The Composite 20 is slightly above the March 2011 post-bubble bottom seasonally adjusted.
The Composite 10 SA is down 3.8% compared to July 2010.
The Composite 20 SA is down 4.2% compared to July 2010.
The third graph shows the price declines from the peak for each city included in S&P/Case-Shiller indices.
Prices increased (SA) in 8 of the 20 Case-Shiller cities in July seasonally adjusted. Prices in Las Vegas are off 59.2% from the peak, and prices in Dallas only off 9.5% from the peak.
As S&P noted, prices increased in 17 of 20 cities not seasonally adjusted (NSA). However seasonally adjusted, prices only increased in 9 cities.
Most of this prices increase was mostly seasonal. As S&P’s David Blitzer said: “This is still a seasonal period of stronger demand for houses, so monthly price increases are expected … “. The question is what happens later this year. I’ll have more later …