Excerpt:
S&P/Case-Shiller released the monthly Home Price Indices for February (“February” is a 3-month average of December, January and February closing prices). January closing prices include some contracts signed in October, so there is a significant lag to this data. Here is a graph of the month-over-month (MoM) change in the Case-Shiller National Index Seasonally Adjusted (SA).
The MoM increase in the seasonally adjusted (SA) Case-Shiller National Index was at 0.41%. This was the thirteen consecutive MoM increase, and a larger MoM increase than the previous three months.
On a seasonally adjusted basis, prices increased month-to-month in 19 of the 20 Case-Shiller cities. Only Tampa saw a month-over-month decrease in February. Seasonally adjusted, San Francisco has fallen 8.2% from the recent peak, Seattle is down 6.1% from the peak, Portland down 4.0%, and Phoenix is down 3.1%.
