But the breadth of strength remains solid with 17 of 20 cities showing monthly gains though both San Francisco and San Diego show rare declines. Still, the West dominates in home prices with year-on-year rates led by Portland at plus 12.2 percent followed by Seattle at 10.6 percent and Denver at 9.4 percent. Bringing up the rear is Washington DC at plus 1.8 percent and New York City at plus 2.6 percent.
Sales are the bottom line for the housing sector which make price concessions a positive, though at the same time slowing appreciation is not a positive for household wealth. Still, mid-single gains are at the top of the heap in a slow economy.
Recent History Of This Indicator:
Home price data, after having risen sharply earlier in the year, have been backing down in recent reports, this at the same time that underlying sales have been climbing. Forecasters see only modest slowing for Case-Shiller's closely watched adjusted 20-city index which is expected to post a 0.6 percent monthly increase vs a 0.9 percent gain in the prior report. The year-on-year index is seen rising slightly to plus 5.5 percent. Home-price appreciation, given weakness in wages, is increasingly important to household wealth.
Home price data, after having risen sharply earlier in the year, have been backing down in recent reports, this at the same time that underlying sales have been climbing. Forecasters see only modest slowing for Case-Shiller's closely watched adjusted 20-city index which is expected to post a 0.6 percent monthly increase vs a 0.9 percent gain in the prior report. The year-on-year index is seen rising slightly to plus 5.5 percent. Home-price appreciation, given weakness in wages, is increasingly important to household wealth.
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