Excerpt:
S&P/Case-Shiller released the monthly Home Price Indices for August (“August” is a 3-month average of June, July and August closing prices). August closing prices include some contracts signed in April, 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 0.32% (a 4.0% annual rate), This was the nineteenth consecutive MoM increase in the seasonally adjusted index.
On a seasonally adjusted basis, prices increased month-to-month in 18 of the 20 Case-Shiller cities (prices declined in Tampa and Miami). Seasonally adjusted, San Francisco has fallen 6.8% from the recent peak, Phoenix is down 4.3% from the peak, Portland down 2.7%, and Denver down 2.6%.
