Regionally, five Census regions reported gains in September while three declined and one was flat.
There are mixed signals on home prices for September with FHFA flat and Case-Shiller up 0.3 percent (SA). The next numbers on housing demand are Wednesday with new home sales and pending existing home sales.
Recent History Of This Indicator:
The FHFA purchase only house price index made a comeback with a 0.5 percent gain in August, following rise of 0.2 percent in July. August posted above market expectations for a 0.3 percent gain. The year-ago rate firmed to 4.8 percent from 4.6 percent in July. Regionally, seven Census regions reported gains in August while two declined.
The FHFA purchase only house price index made a comeback with a 0.5 percent gain in August, following rise of 0.2 percent in July. August posted above market expectations for a 0.3 percent gain. The year-ago rate firmed to 4.8 percent from 4.6 percent in July. Regionally, seven Census regions reported gains in August while two declined.
...meanwhile...
Home
prices showed strength in September but not enough to reverse the trend
which is still softening. Case-Shiller's 20-city rose an adjusted 0.3
percent for the first gain since April but the year-on-year rate fell 7
tenths to plus 4.9 percent which is the weakest showing since October
2012.
But the breakdown is very positive with 18 of 20 cities showing monthly gains in strength of breadth last matched in March this year. The South, which is the largest region for home sales, shows special strength with Atlanta, Charlotte and Miami all at the top of the list at plus 1.2 percent in the month and with Dallas, at 0.9 percent, and Tampa, at 0.8 percent, right behind.
Unadjusted data, which are closely tracked in this report, show no monthly change in September for the 20-city index vs a 0.2 percent gain in August. But the year-on-year rate, where monthly seasonality is neutralized, tells the exact same story as the adjusted data, at plus 4.9 percent for a 7 tenths decline.
This report, which tracks repeat transactions of existing homes, is no better than mixed though the seasonally adjusted monthly gain is an important positive. Today's other home price report also released at 10:00 a.m. ET today, FHFA, which tracks transactions involving conforming mortgages ($417,000 or less), shows more weakness. In sum, home prices remain soft, a plus for buyers but perhaps a negative for new buyers banking on the prospect of home-price appreciation.
But the breakdown is very positive with 18 of 20 cities showing monthly gains in strength of breadth last matched in March this year. The South, which is the largest region for home sales, shows special strength with Atlanta, Charlotte and Miami all at the top of the list at plus 1.2 percent in the month and with Dallas, at 0.9 percent, and Tampa, at 0.8 percent, right behind.
Unadjusted data, which are closely tracked in this report, show no monthly change in September for the 20-city index vs a 0.2 percent gain in August. But the year-on-year rate, where monthly seasonality is neutralized, tells the exact same story as the adjusted data, at plus 4.9 percent for a 7 tenths decline.
This report, which tracks repeat transactions of existing homes, is no better than mixed though the seasonally adjusted monthly gain is an important positive. Today's other home price report also released at 10:00 a.m. ET today, FHFA, which tracks transactions involving conforming mortgages ($417,000 or less), shows more weakness. In sum, home prices remain soft, a plus for buyers but perhaps a negative for new buyers banking on the prospect of home-price appreciation.
Recent History Of This Indicator:
The S&P/Case-Shiller 20-city home price index (SA) contracted for a fourth straight month in August in Case-Shiller 20-city data, down 0.1 percent. Prices declined in 12 of the 20 cities, not much improved from July when prices declined in 13 of the 20 cities. Contraction in the August data was most severe in Chicago, Minneapolis, and Detroit with Chicago and Minneapolis also posting very soft year-on-year rates of only plus 2.9 percent and plus 3.9 percent, respectively. The total year-on-year adjusted rate fell sharply, to plus 5.6 percent from plus 6.7 and 8.0 percent in the two prior months and a positive low double-digit trend going back to the beginning of last year. The 5.6 percent rate is the lowest since November 2012.
The S&P/Case-Shiller 20-city home price index (SA) contracted for a fourth straight month in August in Case-Shiller 20-city data, down 0.1 percent. Prices declined in 12 of the 20 cities, not much improved from July when prices declined in 13 of the 20 cities. Contraction in the August data was most severe in Chicago, Minneapolis, and Detroit with Chicago and Minneapolis also posting very soft year-on-year rates of only plus 2.9 percent and plus 3.9 percent, respectively. The total year-on-year adjusted rate fell sharply, to plus 5.6 percent from plus 6.7 and 8.0 percent in the two prior months and a positive low double-digit trend going back to the beginning of last year. The 5.6 percent rate is the lowest since November 2012.
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