While the 20-City index rose 4.9% YoY (but missed expectations by the most since July 2014), Case-Shiller's US Home Price Index dropped 0.02% in April - the first MoM drop since May 2014. Of course, all real estate is local and we note Denver and San Francisco reported the highest year-over-year gains with price increases of 10.3% and 10.0%, respectively, over the last 12 months. As S&P's David Blitzer warns, "home prices continue to rise across the country, but the pace is not accelerating."
The US Home Price Index dropped MoM for the first time since May 2014.
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and The Case-Shiller 20-City Index missed expectations by the most since July 2014...
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This is the weakest price appreciation since the middle of the weather worries in January.
And as Bloomberg's Michael McDonough shows, the number of cities with falling prices is on the rise...
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More charts:
NSA M/M
NSA Y/Y
SA M/M
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SA Y/Y
