Another month, another sequential drop in the Case Shiller NSA index - the one the index creators themselves say should be used, not the Seasonally Adjusted data used by most commentators eager to find the best data. At a sequential decline of -0.08% in January, this was the third drop in a row - the longest consecutive period of sequential declines since March 2012 - and post a year over year increase of 13.24%, down from 13.38% in December, and the lowest since September 2013. Clearly, the pricing gains across the country are slowing.
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Amusingly, not even the Seasonally Adjusted data showed the complete "weather-free" data many were hoping for, because while sequentially the 20 City Composite Index beat on a squential basis at 0.85%, above expectations of 0.6%, the Year over Year increase of 13.24% missed expectations of 13.42% and was down from 13.38% last month.
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