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Tuesday, July 26, 2011

Case-Shiller Index in May has slight increase

It's lower from May 2010, so it's only a month to month increase not a year to year.
The average price of a single-family home rose again in May after the first gain in eight months in April, according to the Standard & Poor's/Case-Shiller index.
The S&P/Case-Shiller 10-city composite index increased 1.1% in May from the prior month and the 20-city index rose 1%.
Both indices remain lower than a year ago, with the 10-city down 3.6% and the 20-city composite 4.5% lower than May 2010.
"We see some seasonal improvements with May’s data. This is a seasonal period of stronger demand for houses, so monthly price increases are to be expected and were seen in 16 of the 20 cities," according to David Blitzer, chairman of the index committee. However, 19 of 20 cities saw prices drop over the last 12 months. The concern is that much of the monthly gains are only seasonal.”
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