Excerpt:
S&P/Case-Shiller released the monthly Home Price Indices for September (“September” is a 3-month average of July, August and September closing prices). September closing prices include some contracts signed in May, 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 0.33% (a 4.1% annual rate), This was the 20th 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 Los Angeles and Miami). Seasonally adjusted). San Francisco has fallen 6.8% from the recent peak, Phoenix is down 3.5% from the peak, and Denver down 2.5%.
