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Broad-Based Easing of Home Price Gains in July: New S&P/Case-Shiller Data Charts Lethargic Home Price Activity

Phil Hall
Sep 30, 2014

While the summer of 2014 is now history, the latest data from the S&P/Case-Shiller Home Price Indices (HPI) reaffirmed that it was not a profitable season in the housing market. According to S&P/Case-Shiller, 19 out of 20 cities saw lower annual returns in July, with Cleveland’s rate remaining unchanged at +0.9 percent. In July, the S&P/Case-Shiller 10-City and 20-City Composites increased 0.6 percent and the National Index 0.5 percent. Although all cities but one gained on a monthly basis, 17 cities saw smaller increases in July as compared to the previous month. New York was the only city to record a lower gain for the month, and it was the only city where prices rose over one percent. San Francisco posted its largest decline of 0.4 percent since February 2012. “The broad-based deceleration in home prices continued in the most recent data,” said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “However, home prices continue to rise at two to three times the rate of inflation. The slower pace of home price appreciation is consistent with most of the other housing data on housing starts and home sales. The rise in August new home sales – which are not covered by the S&P/Case-Shiller indices—is a welcome exception to recent trends.” Blitzer added that although July was not a stellar month for housing, the wider trends nonetheless pointed to a stabilizing market. “While the year-over-year figures are trending downward, home prices are still rising month-to-month although at a slower rate than what we are used to seeing over the past couple of years,” Blitzer continued. “The National Index rose 0.5 percent, its seventh consecutive increase. At the bottom was San Francisco with its first decline this year and the only city in the red. New York tended to underperform over the past few years, but it was on top for the last two months.”  
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