Case-Shiller Home Price Indices September 27, 2011 Report

27 09 2011


The Case-Shiller Report showed another increase for its 10- and 20- city composites for the fourth month in a row. It was up 0.9% from June to July 2011.  Good news that another bottom has occurred.  Hopefully it will be our last…

Over last year, the composites are both down -3.7% for the 10-city and -4.1% for the 20-city; however, month to month from June to July both composites and 14 of the 20 MSAs (Metropolitan Statistical Areas) showed an increase in their annual rates for 2011.


“With July’s data we are seeing not only anticipated monthly increases, but some fairly broad improvement in the annual rates of change in home prices,” says David Blitzer, Chairman of the Index Committee at S&P Indices. “This is still a seasonal period of stronger demand for houses, so monthly price increases are expected and were seen in 17 of the 20 cities…”

Well, now he says they are “expected” increases.  As you know, I tend to highly critical of Blitzer’s choice of words since we all seem to be pivoting on them each time a report comes out.  I went over the last four reports this year and haven’t found where they “predicted” this increase.  However, it is still very good news so see the increase month to month and the much lower decrease year to year.

This report has the nation at October 2003 (10-City) and July 2003 (20-city) price levels which is a welcome improvement over the early 2003 price levels reported from Case-Shiller last month.  The report also states that we are -31% and -30.9% below the June/July 2006 peak.

Portland jumped up to the January 2005 level at 135.80 compared to the last report where it was near November 2004 levels.  Seattle went to December 2004 levels at 137.57 compared to being near November 2004 levels last report. 

A shift is taking place.  Hang in there!  Hopefully this one will stick. 


case schiller September 27, 2011

Here is the full report in .pdf form.


Dustin Miller

Realty Trust Group




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