Case-Shiller Home Prices Signal Weakest Gain Since 2017, Despite Vegas Spike

Home sales, mortgage apps, starts, permits, buying sentiment, and now home prices…all disappointing expectations and sliding.

S&P CoreLogic (Case-Shiller) 20-City home price index rose just 0.11% MoM (half the expected 0.2% rise) and slowed to a 6.31% YoY gain – the weakest since Dec 2017

After seasonal adjustment, Las Vegas had biggest month-over-month rise at 1.4 percent, followed by Cleveland, Detroit and Minneapolis, each with a 1 percent increase. After New York’s decline, Dallas had smallest gain at 0.4 percent.

The national home-price gauge advanced 6.2% YoY in July after 6.4%, and as Bloomberg notes, the figures reinforce other recent signs that the residential real estate market is softening.

“Even as home prices keep climbing, we are seeing signs that growth is easing in the housing market,” David Blitzer, chairman of the S&P index committee, said in a statement.

“Sales of both new and existing homes are roughly flat over the last six months amidst news stories of an increase in the number of homes for sale in some markets.”

It’s been an ugly month (or eight) for US housing data

As we warned previously, some scary housing market numbers were published over the past few weeks, or as Robert Shiller told Bloomberg“This could be the very beginning of a turning point.” 

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Author: Tyler Durden

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