Unadjusted data are closely tracked in this report and tell the same story of price weakness. Month-over-month, the unadjusted 20-city index rose 0.2 percent vs expectations for a 0.4 percent gain. Year-on-year, the unadjusted index was up 5.6 percent (the same as the adjusted reading) vs expectations for 5.8 percent and a 6.7 percent reading in July. The unadjusted year-on-year rate is also the lowest since November 2012.
Price erosion in Case-Shiller's sample has been significant, a negative for homeowner wealth but a key positive for home sales which are also getting a boost from low mortgage rates and the improving jobs market.
Recent History Of This Indicator:
The S&P/Case-Shiller 20-city home price index (SA) contracted sharply in July, down 0.5 percent for the third straight decline and the steepest monthly decline in Case-Shiller 20-city seasonally adjusted data going back to November 2011. The year-on-year rate, which has been coming down steadily all year from the low double digits, came in at plus 6.7 percent for the lowest reading since November 2012 and down sharply from 8.0 percent in June.
The S&P/Case-Shiller 20-city home price index (SA) contracted sharply in July, down 0.5 percent for the third straight decline and the steepest monthly decline in Case-Shiller 20-city seasonally adjusted data going back to November 2011. The year-on-year rate, which has been coming down steadily all year from the low double digits, came in at plus 6.7 percent for the lowest reading since November 2012 and down sharply from 8.0 percent in June.
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