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Case-Shiller Home Prices Disappoint But Hit New Record High

Great news 'Murica - your house has never been worth more than it was in May (according to Case-Shiller's national home price index).

 

On the slightly less silver-lining side of the equation, April's 0.28% gain in price was revised to 0.18% MoM drop and May's proint disappointed at just 0.1% rise MoM.

The 20-city property values index increased 5.7% y/y (est. 5.8%).

All cities in the index showed year-over-year gains, led by a 13.3 percent advance in Seattle, an 8.9 percent increase in Portland and a 7.9 percent gain in Denver.

After seasonal adjustment, Seattle had the biggest month-over-month increase, at 0.9 percent, while New York posted a 0.6 percent decline.

“Home prices continue to climb and outpace both inflation and wages,” David Blitzer, chairman of the S&P index committee, said in a statement. “The small supply of homes for sale, at only about four months’ worth, is one cause of rising prices. New home construction, higher than during the recession but still low, is another factor in rising prices.”