Case-Shiller Posts Positive Data; San Francisco Dips Below 20 Percent For First Time In 13 Months
Case-Shiller data released Tuesday morning showed some cooling in the hottest region, San Francisco, while posting annual improvement to Boston's rate.
San Francisco fell below the 20 percent annual rate for the first time after 13 consecutive months of rates above 20 percent. Boston showed the only improvement to its annual rate, posting a gain of nine percent in April, up from the 8.3 percent posted in March.
David Blitzer, the Chairman of the Index Committee, said "Overall, prices are rising month-to-month but at a slower rate. Last year some Sunbelt cities were seeing year-over-year numbers close to 30 percent, now all are below 20 percent: Las Vegas (18.8 percent), Los Angeles (14.0 percent), Phoenix (9.8 percent), San Diego (15.3 percent) and San Francisco (18.2 percent). Other cities around the nation are also experiencing slower price increases."
Blitzer continued, "Five cities – Atlanta, Boston, Chicago, San Francisco and Seattle – reported monthly gains of two percent or more. Dallas and Denver gained 1.6 percent and continue to set new peaks. Boston and Charlotte are less than 10 percent away from their peaks."
Detroit is the only city below its January 2000 level.
As the chart below shows, housing prices are back to 2004 levels:
And the individual city breakdown from the report:
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