August Case-Shiller Ticks Higher Y/Y, but Slips M/M

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Housing prices firmed once again in August, according to the latest release of the S&P Cotality Case-Shiller Indices. The National Composite Index (NSA) increased 2.1% y/y in August, compared to the 1.9% annual gain reported in July. However, as the press release notes, the August gain was smothered by an inflation rate of 3.6%, such that “U.S. home values fell in real terms for the 15th consecutive month”. The largest eastern US metros continue to post the highest y/y growth rates in the 20-City Composite Index, led by Chicago (+6.70%), New York (+6.19%), Cleveland (+4.29%), and Miami (+4.24%). San Francisco (+3.37%) rounded out the top five. Only five metros, principally in the western region, posted y/y declines in August. Seattle once again led the list at-1.96%, followed by Las Vegas (-1.29%), Dallas (-0.79%), Denver (-0.74%), and Tampa (-0.39%).

However, while the y/y growth in the National Composite Index increased in August, the m/m trend in home prices appears to be weakening. In July, seven of the twenty metros that make up the index posted m/m gains, but in August, only two saw increases. Similarly, in July, the National Composite Index increased 0.1% m/m, the Composite-10 Index Index gained 0.02% and the Composite-20 Index fell -0.01%. In August though, these three indices were down -0.15%, -0.36%, and -0.40% m/m, respectively.

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