Home prices rise, but is it just the season?
Home prices are enjoying a very clear upward trend, but the rise in home prices may be a mere side effect of the more active spring and summer buying seasons.
This chart shows the S&P/Case-Shiller home prices composite index over the past 12 years. Home prices are rising steadily, though they remain well below the 2006 peak.
SoldAtTheTop
Note... be sure to bookmark the overall S&P/Case-Shiller Dashboard or the Scary Housing Dashboard of the weakest markets for a real-time view of all the markets tracked by S&P.
The latest release of the S&P/Case-Shiller (CSI) home price indices for June reported that the non-seasonally adjusted Composite-10 price index increased 2.18% since May while the Composite-20 index increased 2.33% over the same period.
The latest CSI data clearly indicates that the price trends are experiencing an uptrend through the typically more active spring-summer season and as I recently pointed out, the more timely and less distorted Radar Logic RPX data is continuing to capture notable rising prices driven primarily by seasonality.
The 10-city composite index increased 0.10% as compared to June 2011 while the 20-city composite increased 0.50% over the same period.
Both of the broad composite indices show significant peak declines slumping -31.49% for the 10-city national index and -31.14% for the 20-city national index on a peak comparison basis.
To better visualize today’s results use Blytic.com to view the full release.