S&P/Case-Shiller home-price data showed sideways movement in August, as prices were boosted from a month earlier thanks to seasonal factors but remained below year-ago levels.
The composite 20-city home price index, a key gauge of U.S. home prices, posted a 0.2% increase from July but fell 3.8% from a year earlier. Ten cities posted monthly declines, while the other 10 showed gains. Las Vegas was the only city that posted a new index level low and is 59.5% below its August 2006 peak.
Eighteen of the 20 cities posted annual declines in August, with just Detroit and Washington D.C. notching gains. On a seasonally adjusted basis, which aims to take into account the stronger spring-summer selling season, just six cities — Boston, Charlotte, Chicago, Dallas, Minneapolis and Washington, D.C. — posted monthly increases. The overall 20-city index was flat on a seasonally adjusted basis.
Thursday, October 27, 2011
August Case-Shiller numbers up slightly month-over-month
...but down year-over-year: