The Case-Shiller national home price index surged past the pre-recession high last year. The city composites lag.
Steady gains continue in the Case-Shiller Home Price Indexes.
Case-Shiller Year-Over-Year Summary
The National Home Price NSA Index reported a 6.2% annual gain in October, up from 6.1% in the previous month.
The 10-City Composite annual increase came in at 6.0%, up from 5.7% the previous month.
The 20-City Composite posted a 6.4% year-over-year gain, up from 6.2% the previous month.
Seattle, Las Vegas, and San Diego reported the highest year-over-year gains among the 20 cities. In October, Seattle led the way with a 12.7% year-over-year price increase, followed by Las Vegas with a 10.2% increase, and San Diego with an 8.1% increase.
Nine cities reported greater price increases in the year ending October 2017 versus the year ending September 2017.
Case-Shiller Month-Over-Month Summary
Before seasonal adjustment, the National Index, 10-City and 20-City Composites all posted a month-over-month gain of 0.2% in October.
After seasonal adjustment, the National Index, 10-City and 20-City Composites all recorded a 0.7% month-over-month increase in October.
Eleven of 20 cities reported increases in October before seasonal adjustment, while all 20 cities reported increases after seasonal adjustment.
Peaks and Troughs
The national index is 6.0% above the previous peak in July of 2006.
The 20-city index is 1.3% below the June 2006 peak.
The 10-city index is 3.8% below the June 2006 peak.
Congratulations
The Fed re-blew the housing bubble.
In the misguided way in which the Fed calculates inflation, none of this is considered inflationary.
Few new buyers can afford to buy.
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