It's The Economy Stupid: S&P Case Schiller Housing Numbers

Housing is back baby!

 

Economic Event	Period	Economic Survey	Actual Reported	Original Prior	Revised Prior
S&P/Case Shiller 20 City MoM	MAY	1.20%	1.72%	1.12%	1.91%
S&P/Case Shiller Composite 20 YoY	MAY	10.60%	12.05%	10.87%	10.85%
S&P/Case Shiller Home Price Index	MAY	0	152.37	148.65	148.62
S&P/Case Shiller Home Pr Ind MoM	MAY	1.10%	0.70%	1.3	1.50%

 

Home prices climbed more than forecast in the 12 months through April, rising by the most in more than seven years and showing further strength in the U.S. housing market.  The S&P/Case-Shiller index of property values increased 12.1 percent from April 2012, the biggest year-over-year gain since March 2006, after advancing 10.9 percent a month earlier, a report showed today in New York. The median forecast in a Bloomberg survey of 28 economists Bloomberg called for a 10.6 percent advance.  Short supply, record-low mortgage rates and an improving job market combined to boost housing demand and spark the rebound in prices. The recovery is probably far enough along to overcome the recent surge in  borrowing costs after Federal Reserve policy makers said they may trim unprecedented accommodative measures meant to spur the expansion.

 

Home prices adjusted for seasonal variations increased 1.7 percent in April, compared with a 1.9 percent gain in March. The Bloomberg survey median called for a 1.2 percent rise.

Unadjusted prices climbed 2.5 percent in April after a 1.4 percent gain as 19 of the 20 cities showed advances.   The year-over-year gauge, which includes records going back to 2001, provides a better indication of price trends, the group has said.

 

All of the 20 cities in the index showed an increase in year-over-year prices, led by gains of 23.9 percent in San Francisco and 22.3 percent in Las Vegas. The smallest gain was in New York, which showed a 3.2 percent advance.    

 

The housing recovery is definitely broad-based.

 

 

John Broussard

Assistant State Treasurer

Chief Investment Officer

State of Louisiana

Department of the Treasury

225-342-0013

jbroussard@treasury.state.la.us