According to the S&P/Case-Shiller 10 and 20-City Home Price Indices released Tuesday, the U.S. Housing Market is on a roll based on year-over-year increases in average home values, but month-to-month results were mixed.
The short holiday week brought a flurry of economic reports last week. Highlights included pending home sales, the S&P Case-Shiller Housing Market Indices and the FHFA home price index. No reports were released on Thursday and Friday in observance of the Thanksgiving holiday.
The S&P Case-Shiller Home Price Indices for April indicate that the housing recovery gained ground. In April 2013 average home prices tracked in the Case-Shiller 10 and 20-city Composites increased by 11.60 and 12.10 percent year-over-year. On a month-to-month basis, the Composites increased by 2.60 and 2.50 percent respectively.
The most recent S&P/Case-Shiller Indeces report showed all three composites posting double-digit increases over the last four quarters. The national composite, which is the broadest based index, showed an increase of 10.2% annually.
Housing markets continue to improve according to the S&P Case Shiller Home Price Indices released April 30 for Februaryâs data. The Indices consist of a 10-City Composite Index and a 20-City Composite Index with housing markets for each city reported based on a three-month rolling average of home prices. The data released yesterday comprised the Indicesâ highest growth rates since May 2006.
Last week, the S&P/Case-Shiller Index showed home prices gaining 8.1 percent during the 12-month period ending January 2013, marking the largest year-over-year increases since the summer of 2006.
19 of 20 metro areas showed higher home prices in Q 4 2012 with the New York metro area showing a decrease in home prices; this could be due in part to the impact of Hurricane Sandy.
The March Case-Shiller Index was released this week and it corroborates the findings of the government's most recent Home Price Index -- home values are slipping nationwide.
Home values were reported unchanged in November 2010, on average, according to the Federal Home Finance Agency's Home Price Index.
Reporting on a two-month lag, the government said home values rose 0.7 percent in November. National home prices are at their highest point since February 2009. But before we look too much into the FHFA's Home Price Index, it's important that we're cognizant of its shortcomings; the most important of which is its lack of real-time reporting.