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Key data points:

•  Home prices show increases of 2.5% and 2.4% for the 10- and 20-City Composites in May versus April.
•  Dallas and Denver reached record levels surpassing their pre-financial crisis peaks set in June 2007 and August 2006.
•  This is the first time any city has made a new all-time high.
•  All 20 cities increased from May 2012 to May 2013 and from April 2013 to May 2013.
•  In May 2013, the 10- and 20-City Composites posted annual increases of 11.8% and 12.2%.
•  The Southwest and the West saw the strongest year-over-year gains.
•  The overall report points to some shifts among various markets: Washington DC is no longer the standout leader and the eastern Sunbelt cities, Miami and Tampa, are lagging behind their western counterparts.

 

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Chart
Source: spdji.com

Category: Fixed Income/Interest Rates, Real Estate

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

13 Responses to “Case-Shiller: Home Prices Increase in May 2013”

  1. VennData says:

    Long, long way to go before hitting trend pricing.

    Oh, sorry… THIS IS A LIE!!! OBAMA AND HIS CHICAGO GUYS ARE GOING TO BE IMPEACHED ANY DAY NOW AND THE RIGHTFUL RULERS AND INVESTORS WILL ASSUME CONTROL AND TEACH THE LAZY 90% OF NON-WORKING AMERICANS A LESSON!!!

    • BuildingCom says:

      Considering “trend pricing” is 50% lower than current grossly inflated asking prices of resale housing, you’re correct.

  2. BuildingCom says:

    Excluding millions of excess empty houses, sure… prices are up. LOL

    • Anonymous Jones says:

      Where are those empty houses located? Did housing become fully fungible when I wasn’t looking? I hate when things do that.

  3. [...] shows accelerating home price gains.  (Big Picture, Business [...]

  4. Iamthe50percent says:

    What I’m seeing here in the Western suburbs of Chicago is that builders are raising prices again, mostly by making features that were formerly standard like air conditioning and nine foot ceilings optional agin. This is coupled with extreme lot premiums (how can every lot in a subdivision be a premium lot?) and other nickel and dime tricks to add $40K of formerly included features.

    Meanwhile, existing houses continue to fail to sell at 1990 price levels.

    *SNIP*

    ~~~

    BR: 1990 in Chicago? Can I see some proof? Did you pull that date out of tyour Arse!

    • BuildingCom says:

      Why wouldn’t they be priced at 1990 levels? Houses depreciate.

    • Iamthe50percent says:

      No. “Western suburbs of Chicago”, not the city. This is the house across the street from me.
      http://www.zillow.com/homedetails/59-Brookstone-Dr-Streamwood-IL-60107/3387749_zpid/
      It just failed to complete a short sale at $182K. It is bigger with a better lot than mine. I bought mine from the builder in March 1990 for $166K. Look around the subdivision via zillow. Prices have plummeted and sales are not coming back. Look at the days on the market for those houses listed for sale. I see no housing recovery. Also, look at the taxes as a percentage I think they rival NY and NJ.

      I can post the national builders name and particulars if you doubt what I say about that. Don’t know if you want names. Thought you might not.

      BR, why did you snip the part about the Wharton professor? Did I break a rule? I’d like to know so I can avoid doing it again.

  5. willid3 says:

    maybe its the fact 5that young adults are living at home and nor forming their house holds?
    http://www.theatlanticcities.com/housing/2013/07/many-young-adults-are-still-living-home-and-its-hurting-economy/6370/

    since they do create a lot of demand for housing when they do. but since they do have a pretty high unemployment rate, and those having jobs aren’t exactly being paid well. but then with the state of jobs today (which isnt really all that different than it was since 2000, we just dont have easy credit to paper over shortfalls).

  6. Livermore Shimervore says:

    lagging indicator before rates were on the rise ..

    Where is the chart of the relative price of a house vs. the 100 year average? I’d love to see a dotted line that shows ‘real inventory’ and not just bank-released inventory.

  7. MarkKlose says:

    Both Calculated Risk & Business Insider have comments from Zillow Economist Dr. Svenja Gudell that put the numbers in context. CR also has some useful charts that plot real instead of nominal price moves.

  8. Conan says:

    California city’s drastic foreclosure remedy: Seizure

    The California city of Richmond said Tuesday that it’s ready to take an extraordinary step in its bid to stop foreclosures — threatening to wrest mortgages from the investors who now control them.

    As a first step, the San Francisco Bay city said it will work with an investment firm to try to purchase mortgages of underwater homeowners at a price well below their current balances. It would then try to get those loans restructured to make them affordable.

    But if the holders of the loans, who are mostly investors, refuse to sell by Aug. 14, the city said it will invoke eminent domain to seize the mortgages so it has more control over the process of making them affordable.

    http://money.cnn.com/2013/07/30/real_estate/richmond-underwater-homes/