Case Shiller Home Price Indices Up Again in August

By Mark Lieberman

Managing Director and Senior Economist

Highlights:

  • Case Shiller CoreLogic national Home Price Index IMPROVED in August for the 19th straight month though the growth was the weakest since February;
  • The 10- and 20-city indices GREW for the 10th straight month;
  • 10- and 20-city year-year index growth was strongest in more than three years;
  • Index improved in 19 of the 20 cities surveyed in August, falling only in San Francisco (by 0,1 percent);
  • Year-year prices were UP in all 20 cities but the August-August increase slowed in six cities.

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Home prices grew again in August according to the monthly Case Shiller CoreLogic Home Price Index released Tuesday, but momentum may be slowing.

The national home price index jumped 0.54 percent in August to 195.05, its ninth consecutive monthly record high. The 10-city index improved 0.45 percent to 216.49 and the 20-city index was up 0.42 percent to 202.87. The August growth for all three was weaker than the improvements in July,

The market for existing single-family homes has been slowed dur to a lack of supply as potential sellers have been reluctant to list their homes despite – or because of – rising prices, with concerns about finding affordable replacement housing.

The National Association of Realtors reported the median price of an existing single-family home fell $5,000 in Auguste, 1.9 percent, to $253,100 as the number of homes for sale fell to 1.87 million the lowest level since March. The inventory computes to a 4.2-month supply of existing homes for sale.

The historic average of the supply of existing homes for sale is 6.0 months.

Per the Case-Shiller data, prices rose fastest in August in Las Vegas (1.0 percent), San Diego (0.9 percent) and Phoenix (0.7 percent).

Regionally, month-month the price index was up 0.6 percent in August in the Northeast, up 0.5 percent in the Midwest, 0.4 percent in the West and 0.3 percent in the South.

Year over year price increases were led by Seattle (13.2 percent), the only city to experience a double-digit percentage increase. Year-year price increases in Seattle, Dallas, Portland, Minneapolis, Tampa and Miami were weaker in August than in July.

Hear Mark Lieberman this Friday on P.O.T.U.S. radio’s Morning Briefing, Sirius-XM 124, at 6:20 am Eastern Time. You can follow Mark Lieberman on Twitter at @foxeconomics.

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