Largest Year-to-Year Gain in Case-Shiller Since '06
The Case-Shiller Home Price Indices were released today for March, and got reported by S&P as showing "renewed weakness" for housing prices. The chart above shows year-to-year percentage increases in the seasonally-adjusted Case-Shiller indices, with the following highlights (which seem to indicate more renewed strength than renewed weakness):
1. Two consecutive monthly increases in February home prices (0.71% for the seasonally-adjusted Composite-20 and 0.66% for the unadjusted index) and March (2.42% for the seasonally adjusted Composite-20 and 2.35% for the unadjusted index), following 37 consecutive monthly declines in the home price index.
2. The February and March increases were the first two back-to-back monthly gains in home prices since November and December 2006.
3. The March gain of 2.42% was the largest monthly increase in the Composite-20 index since October 2006.
Note: The chart is based on the seasonally-adjusted Case-Shiller Home Price Indexes. The unadjusted indices produce almost identical results as those listed above.