Fair question, as we see it:
NEW YORK, JULY 25, 2023: S&P Dow Jones Indices (S&P DJI) today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for May 2023 show all 20 major metro markets reported month-over-month price increases for the third straight month.
YEAR-OVER-YEAR
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a -0.5% annual decrease in May, down from a loss of -0.1% in the previous month. The 10-City Composite showed a decrease of -1.0%, which is a tick up from the -1.1% decrease in the previous month.
The 20-City Composite posted a -1.7% year-over-year loss, same as in the previous month. Chicago, Cleveland, and New York reported the highest year-over-year gains among the 20 cities in May. Chicago moved up one to the top spot with a 4.6% year-over-year price increase, while Cleveland came in at number two with a 3.9% increase, and New York entered the top three in third with a 3.5% increase. There was an even split of 10 cities reporting lower prices and those reporting higher prices in the year ending May 2023 versus the year ending April 2023.”
After the number – which we think turns tomorrow’s Fed meeting into a near-certain quarter point hike and a possible 1/2 point – the Dow futures were down 7.
Write when (*yada, yada) Now go read today’s report.
George@Ure.net
