Case-Shiller monthly take on the Housing market is just out.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census
divisions, reported a -0.2% annual decrease in April, down from a gain of 0.7% in the previous month.
The 10-City Composite showed a decrease of -1.2%, down from the -0.7% decrease in the previous
month. The 20-City Composite posted a -1.7% year-over-year loss, down from -1.1% in the previous
Miami, Chicago, and Atlanta reported the highest year-over-year gains among the 20 cities in March.
Miami held the top spot again with a 5.2% year-over-year price increase, while Chicago broke into the
top three in second with a 4.1% increase, and Atlanta reclaiming third over Charlotte with a 3.5%
increase. There are 17 of 20 cities reporting lower prices in the year ending April 2023 versus the year
ending March 2023, with Boston, San Francisco and Cleveland showing slight increases of 0.1%, 0.1%
and 0.9%, respectively.
Before seasonal adjustment, the U.S. National Index posted a 1.3% month-over-month increase in April, while the 10-City and 20-City Composites both posted increases of 1.7%.
After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.5%, while the 10-City Composite gained 1.0% and 20-City Composites posted an increase of 0.9%.
“The U.S. housing market continued to strengthen in April 2023, says Craig J. Lazzara, Managing Director at S&P DJI. “Home prices peaked in June 2022, declined until January 2023, and then began
to recover. The National Composite rose by 1.3% in April (repeating March’s performance), and now stands only 2.4% below its June 2022 peak. Our 10- and 20-City Composites both gained 1.7% in April.
We would remind readers that general inflation is still running 5.3 percent in the latest BLS report, so don’t get too confused by the glowing report (at the top of sa Wave 2 market rally!). After the number, Dow was down 27 on the futures while the S&P was up 6. Yes dear, the Fed will be forced to raise at their next meeting…
In terms of actual prices paid, looked like this: (see the market-mirroring Wave 2?)
The report, remember is for April – takes a while to collect data on something this complex.
Following the data, stocks continued to look positive for the open – and remember this is a pre-holiday week ahead of what will be – for many – a four-dayer…