Case-Shiller Index for Seattle Turns Negative. Is it a good thing?
The S&P Dow Jones Indices released the newest report, with results for CoreLogic Case-Shiller Indices, considered by most to be the leading source of data regarding average home prices in the United States. The newest report took a look at year-over-year numbers from May 2019 and the general findings indicate that the rate of home price increases in United States continues to slow – albeit barely.
The annual gain in May was at 3.4%, down from 3.5% of April – these numbers refer to rate of overall home price increases in all nine United States census divisions. The report also analyzes the 10- and 20-city composite – annual increases in those categories are also smaller than those from the month before.
While the prices of homes across the country are rising more slowly than last month, there are three markets that can be characterized as “hot.” Las Vegas, Phoenix and Tampa all had the highest year-over-year gains in the country, with 6.4%, 5.7% and 5.1% increases, respectively. It is also worth noting that seven of the twenty cities studied had greater increases in the year ending May 2018 than April 2019.
For the first time in a number of years, there has been a negative year-over-year change in the rate of home prices increases – and it happened to be in Seattle, according to the report. Per the data, the price index in Emerald City was 1.2% lower in May 2019 than in May 2018. The entire report, which we urge you to check out, can be found here.
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