Case-Shiller: House Prices Increased 12.1%, March/April Up 2.5%, New Home Sales Up (To 1991 Levels)

Confounded Interest ^ | 06/25/2013 | Anthony B. Sanders

[whitedog57]

As expected (based on Loan Performance’s HPI index yesterday), the S&P Case-Shiller 20 metro index showed average home prices increased 11.6% and 12.1% for the 10- and 20-City Composites in the 12 months ending in April 2013. From March to April, the 10- and 20-City Composites rose 2.6% and 2.5%. Case-Shiller is in white, Loan Performance is in yellow.

cs062513

Again, like Loan Performance, all 20 cities and both Composites showed positive year-over-year returns for at least the fourth consecutive month. Atlanta, Dallas, Detroit and Minneapolis posted their highest annual gains since the start of their respective indices. On a monthly basis, all cities with the exception of Detroit posted positive change.

And like Loan Performance, San Francisco is the the big winner again, followed by “rebounders” Atlanta, Phoenix and Las Vegas.

csmetroapr

New home sales beat expectations and rose 2.1%. Now, new home sales have recovered to 1991 levels.

nhsales062513

But what about the inputs to construction, copper and lumber?

Copper

copper062513

Lumber

lumber062513

Bear in mind that Case-Shiller and new home sales are lagged, so the rise in mortgage rates have not hit the data.

[whitedog57]

Back to 1991! Hurray?

[AngelesCrestHighway]

A temporary blip on the road down hill...

[Youngman542012]

I still think the banks own a lot of homes or could own a lot of them if they could foreclose....also many of the sales are to investors as rental units....the average Joe market is still slow...

[AngelesCrestHighway]

Another round of house flippers are going to get burned...

[schm0e]

great news for Blackstone! Because, when the banks and the fed finally agree to make credit available to people, they'll be able to dump their portfolio of abandoned and foreclosed houses at a huge profit!

Gawd I love when the system works!