A look at individual cities shows many fewer minus signs with five posting monthly contraction vs an average of 12 over the prior three months. Year-on-year, the weakest spots are New York, Chicago, and Washington DC, all at plus 1.9 percent. The strongest spots are San Francisco, at 10.8 percent, and Denver at 10.7 percent.
Today's report is at least moving in the right direction and a reminder that home-price appreciation, though far from robust, is one of the few areas of the economy to show inflationary pressures.
Recent History Of This Indicator:
S&P Case Shiller data have been soft and more of the same is expected for August, with the Econoday consensus calling for only a 0.1 percent gain for the adjusted 20-city index. Prices for existing homes haven't shown much reaction to the very low levels of supply on the market, as sellers, despite the strength in sales, are still giving concessions. But even at mid-single digit year-on-year growth, home prices are at least one source of inflation in what has become, at least for now, a disinflationary economy.
S&P Case Shiller data have been soft and more of the same is expected for August, with the Econoday consensus calling for only a 0.1 percent gain for the adjusted 20-city index. Prices for existing homes haven't shown much reaction to the very low levels of supply on the market, as sellers, despite the strength in sales, are still giving concessions. But even at mid-single digit year-on-year growth, home prices are at least one source of inflation in what has become, at least for now, a disinflationary economy.
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