The Case Schiller index of home prices showed a 6.75% gain in the index from a year ago. On a month on month basis, it showed a -0.5% decline.
The housing market winning and losing cities.
On a city by city basis (top 20 cities in the US), the results are varied with Las Vegas showing the largest increase of 12.8% followed by Miami and San Francisco. The worst performing city? Cleveland at only a 0.87% gains for the year : ( . LeBron James return to the city may have increased ticket sales to the Cavalier basketball games, but he has done little for real estate prices.
If you look at the changes in the YoY values from last month, San Francisco (one of the high flyers) showed the largest YoY change as it fell from +13.2% to a still healthy +10.31%. Las Vegas is also showing some weakness from the strength as it fell 2.41% vs last month (15.21% vs 12.80%). Las Vegas has been a bastion for investor money and according to more recent existing home sales data, the investors are leaving town. So this trend may continue in the months ahead for “Sin City”.
The town with the least month on month change? Cleveland once again. It did not gain or fall in from month to month.
Note that when compared to last month, all 20 US cities saw a decline in the YoY gains indicative of a slowing/steadying housing market.
