Just out is the latest Case-shiller/S&P/CoreLogic monthly Housing Data.
“NEW YORK, DECEMBER 26, 2018 – S&P Dow Jones Indices today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for October 2018 shows that the rate of home price increases across the U.S. slowed for the third month in a row. .
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.5% annual gain in October, remaining the same from the previous month. The 10-City Composite annual increase came in at 4.7%, down from 4.9% in the previous month. The 20City Composite posted a 5.0% year-over-year gain, down from 5.2% in the previous month.
Las Vegas, San Francisco and Phoenix reported the highest year-over-year gains among the 20 cities. In October, Las Vegas led the way with a 12.8% year-over-year price increase, followed by San Francisco with a 7.9% increase and Phoenix with a 7.7% increase. Six of the 20 cities reported greater price increases in the year ending October 2018 versus the year ending September 2018.
Before seasonal adjustment, the National Index posted a month-over-month gain of 0.1% in October. The 10-City and 20-City Composites did not report any gains for the month. After seasonal adjustment, the National Index recorded a 0.5% month-over-month increase in October. The 10-City Composite and the 20-City Composite posted 0.5% and 0.4% month-over-month increases, respectively. In October, nine of 20 cities reported increases before seasonal adjustment, while 18 of 20 cities reported increases after seasonal adjustment.
Two ways to look at the data. First is the Month-On-Month change rate and that looks like this:
The other is to look at absolute prices paid and that looks like so…
The data is just about smack-dab in line with expectations. the Tech stocks are up a shade over one percent ahead of the open but the Dow is up only 6-10ths of a percent, so we halfway anticipate it may play some catch up since we are in a place where we expect a short bounce from the recent (bcrutal) market declines – a pop that might last a day or to the end of the week with much of that, in turn, depending on how the EU does tomorrow when they resume trading after Boxing Day… (need I say moon the ‘morrow?)