dinsdag 27 juni 2017

Case-Shiller Home Price Growth Slows As San Francisco Bubble Continues To Deflate

Amid a slew of mixed housing data (weak starts, permits; rebound in existing sales at record median prices), S&P CoreLogic Case-Shiller reports that home price growth slowed to just 0.28% MoM (the weakest since Aug 2016), considerably worse than the average seasonal slowdown...


Year-over-year gains also slowed to just 5.67%, missing expectations...


“Since demand is exceeding supply and financing is available, there is nothing right now to keep prices from going up,” David Blitzer, chairman of the S&P index committee, said in a statement. “The supply of homes for sale has barely kept pace with demand and the inventory of new or existing homes for sale shrunk down to only a four-month supply.”
- All 20 cities in the index showed year-over-year gains, led by a 12.9 percent advance in Seattle and a 9.3 percent rise in Portland, Oregon
- After seasonal adjustment, Detroit had the biggest month-over-month increase at 1.8 percent, while Seattle had a 1.1 percent gain
- Home prices fell from the prior month in Cleveland, Boston, San Francisco, Washington, and Tampa, Florida
# This is the second monthly drop in San Francisco home prices...