Housing Still Hot – But Vegas???

Just Out:

“NEW YORK, AUGUST 28, 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 June 2018 shows that home prices continued their rise across the country over the last 12 months. More than 27 years of history for these data series is available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market can also be found on S&P Dow Jones Indices’ housing blog: www.housingviews.com.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 6.2% annual gain in June, down from 6.4% in the previous month. The 10-City Composite annual increase came in at 6.0%, down from 6.2% in the previous month. The 20-City Composite posted a 6.3% year-over-year gain, down from 6.5% in the previous month.
Las Vegas, Seattle and San Francisco continued to report the highest year-over-year gains among the 20 cities. In June, Las Vegas led the way with a 13.0% year-over-year price increase, followed by Seattle with a 12.8% increase and San Francisco with a 10.7% increase. Six of the 20 cities reported greater price increases in the year ending June 2018 versus the year ending May 2018.

Given the low levels of Lake Mead and the long-term declines in hydrology, we can only imagine people in Law Vegas are not able to process data very effectively.  Notwithstanding…

Before seasonal adjustment, the National Index posted a month-over-month gain of 0.8% in June. The 10-City and 20-City Composites reported increases of 0.4% and 0.5%, respectively. After seasonal adjustment, the National Index recorded a 0.3% month-over-month increase in June. The 10-City and 20-City Composites both posted 0.1% month-over-month increases. Nineteen of 20 cities reported increases in June before seasonal adjustment, while 17 of 20 cities reported increases after seasonal adjustment. “

And then there’s the prices in chart form:

If you haven ‘;;t guessed by now?

Our view at UrbanSurvival/Peoplenomics is that the blow-off in the market and the blow-off in real estate are playing off one-another.

Now go read this morning’s regular column about how all this fits a historical pattern….

1 thought on “Housing Still Hot – But Vegas???”

  1. People are stupid and lack imagination. Given the income and narcissistic/hedonistic tendencies of the degreed young West-coasties of whom Mark is so fond, eventually they figure out local clubbing, Riviera villas, and warehouses full of cars only eat so much money, so rather than do something useful with the overage, they seek ever more flamboyant and efficient ways of p!ss!ng it away. ‘Usedta be just the athletes and Hollyweird crowd. Now with Villas in short supply, John and Jane Plain can leave their gated community in SFA or SeaTac for a ‘Vegas timeshare or suburban shack and pretend they’re important to someone other than themselves…

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