Case-Shiller Home Price Indices July 26, 2011 Report

26 07 2011

The Case-Shiller Report is looking better today and, just like the last 2 months,  it did what I thought it would do…it went up!  The report covers data up through May 2011 and back. 


 “We have now seen two consecutive months of generally improving prices; however, we might have a long way to go before we see a real recovery,” says David M. Blitzer, Chairman of the Index Committee at S&P Indices.


Compared to previous quotes from Mr. Blitzer, we can consider this to be one of his more encouraging comments.  He isn’t one for optimism and this report speaks heavily of seasonal adjustments.


The 10- and 20-City Composites were up 1.1% and 1.0%, respectively, in May over April.  Sixteen of the 20 MSAs and both Composites posted positive monthly increases; Detroit, Las Vegas and Tampa were down over the month and Phoenix was unchanged. On an annual basis, Washington DC was the only MSA with a positive rate of change, up 1.3%. The remaining 19 MSAs and the 10- and 20- City Composites were down in May 2011 versus the same month last year. Minneapolis fared the worst posting a double-digit decline of 11.7%.


In this report, the nation is at summer 2003 and Portland is near November 2004 levels and Seattle is near October 2004 levels.  These figures, according to the Case-Shiller S&P Report are up from last month’s report by a few months.  This improvement could also be a decent indicator or the bottom possibly being behind us.  A leveling off could be occurring. 


These improvements, though small and somewhat seasonal, are still just that—improvements.  And…welcome ones at that from all of us in the real estate industry.


 Here is the full report in .pdf form.    case schiller July 26,1011



Dustin Miller

Realty Trust Group




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