Excerpt:
S&P/Case-Shiller released the monthly Home Price Indices for July (“July” is a 3-month average of May, June and July closing prices). July closing prices include some contracts signed in March, 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).
For the second consecutive month, the MoM increase in the seasonally adjusted (SA) Case-Shiller National Index was at 0.18% (a 2.2% annual rate), This was the eighteenth consecutive MoM increase, but this tied the previous as the smallest MoM increase in the last 18 months.
On a seasonally adjusted basis, prices increased month-to-month in 18 of the 20 Case-Shiller cities. Seasonally adjusted, San Francisco has fallen 7.1% from the recent peak, Phoenix is down 4.2% from the peak, Portland down 3.1%, and Seattle and Denver are both down 2.9%.
