Your home may still be the best investment you’ll ever make – except maybe a marriage license if it comes with a warranty…
Year-Over-Year
The S&P Cotality Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions,reported a 0.8% annual gain in April, up from a 0.7% rise in the previous month.
The 10-City Composite saw an annualincrease of 1.8%, up from a 1.5% increase in the previous month. The 20-City Composite posted a year-over-yearincrease of 1.1%, up from a 0.9% rise in the previous month.
Chicago, New York and Cleveland reported the highest year-over-year gains with year-over-year price increases of 6.5%, 3.8% and 3.2%, respectively.
Seattle posted the lowest return in April, falling -2.3% year over year. (George eyes this as bad news for the rad-left.)
Month-over-Month
The pre-seasonally adjusted U.S. National, 10-City Composite, and 20-City Composite Indices recorded annual gains of 0.8%, 1.1%, and 1.0%, respectively.
After seasonal adjustment, the U.S. National and 20-City Composite Indices reported monthly decreases of 0.1% and 0.04%, while the 10-City Composite Index posted a 0.04% gain.
What I found interesting in all this is that a few minutes after the data, markets were still trying to figure what to do with this. First, the data takes a while to be processed – so this is definitely not look ahead.
So, maybe things will get more interesting around 10 AM eastern when the JOLTS lreport on employment hits from labor.
Where we see the Belief Wave in trouble is as the markets look at this – give up any pretense or delusions of rate cuts – and begin to ponder rate increrases to come later this year.
Toss in more of WW III Weekends and a fine time will be had by all, we’re just so sure…
~ ure