“The Home Price Surge Continues” – Case-Shiller Jumps Most In 4 Years, All Cities Up

US housing data has been disappointing so far in 2018 as affordability plummets on the heels of rising rates, but that didn’t stop Case-Shiller Home Prices from surging at a faster-than-expected 6.4% YoY in January.

Home sales, permits, and starts have been underwhelming so far this year…

https://www.zerohedge.com/sites/default/files/inline-images/2018-03-27_6-00-51.jpg?itok=hJEA_BQD

But according to Case-Shiller, home prices are accelerating at their fastest rate since July 2014 (up 6.4% YoY vs 6.15% YoY exp)…

https://www.zerohedge.com/sites/default/files/inline-images/2018-03-27_6-04-01.jpg?itok=CwNDTnyw

All 20 cities in the index showed year-over-year gains, led by a 12.9 percent increase in Seattle and an 11.1 percent gain in Las Vegas.

After seasonal adjustment, Seattle, San Francisco and Atlanta had the biggest month-over-month gains.

Washington has the smallest month-over-month advance at 0.2 percent.

“The home price surge continues,” David Blitzer, chairman of the S&P index committee, said in a statement.

“Two factors supporting price increases are the low inventory of homes for sale and the low vacancy rate among owner-occupied housing.”

The 20-City Home price index is less than 1% away from the record highs of 2006…

https://www.zerohedge.com/sites/default/files/inline-images/2018-03-27_6-08-12.jpg?itok=OdI_L1eX

But the National home price index is over 6% above 2006 highs…

https://www.zerohedge.com/sites/default/files/inline-images/2018-03-27_6-11-29.jpg?itok=EKZRcnk1

Source: ZeroHedge

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