Case-Shiller Home Price Index Unchanged

Case-Shiller's 20-city adjusted index posted no change in April which is 2 tenths lower than Econoday's consensus and at the very bottom of the consensus range. The year-on-year pace at 2.5 percent is 1 tenth below expectations and a 7-year low.

How the mighty have fallen is the deepening theme of the report. Seattle, consistently posting among the very strongest rates of price growth throughout the recovery, is now at the bottom of the heap, sitting in 20th place at no change year-on-year. San Diego, like other California cities also consistently strong, is in 19th place at 0.8 percent. Las Vegas continues to lead the list at 7.1 percent but has now slipped each month since hitting a peak in August at 13.9 percent.

This report contrasts not only with this morning's FHFA house price index which rose a monthly 0.4 percent to beat expectations but also price data in the existing and new home sales reports which have also been showing life. Still, Case-Shiller's results are sobering and not consistent with the improving strength seen so far this year in underlying home sales.