Case-Shiller Home Prices Rise Over 5% YoY To 7 Year High

Despite stagnating incomes, record low home-ownership, surging interest rates, and stalling employment data, home-prices in America rose 5.04% YoY in March - the biggest jump since August - as overseas money floods into American real estate and crushes the affordability dream for Hillary's 'everyday American'. No surprise, San Francisco and Denver reported the highest year-over-year gains, with price increases of 10.3% and 10.0%, respectively, over the last 12 months. This is the highest home price index since Feb 2008.

Biggest YoY gain since August...

 

Pushed prices to their highest sicne Feb 2008...

 

A more detailed breakdown of the Sequential...

 

... and Y/Y data:

From the March data:

Both the 10-City and 20-City Composites saw year-over-year increases in March. The 10-City Composite gained 4.7% year-over-year, while the 20-City Composite gained 5.0% year-over-year. The S&P/Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, recorded a 4.1% annual gain in March 2015 versus a 4.2% increase in February 2015.

 

San Francisco and Denver reported the highest year-over-year gains, with price increases of 10.3% and 10.0%, respectively, over the last 12 months. San Francisco’s 10.3% annual gain is its first double digit year-over-year increase since July 2014. Dallas reported a 9.3% year-over-year gain to round out the top three cities. Ten cities reported higher price increases in the year ended March 2015 over the year ended February 2015. Tampa led the way with a reported increase of 1.4%. Ten cities saw their prices decrease annually, led by Cleveland, down 1.2% in the year ending March 2015.

This is where the biggest price appreciation was according to Case Shiller: it appears that as a result of the unprecedented second dot com bubble and China's relapse in its credit ways, San Francisco is once again back at the forefront of all major gains in the US, with home prices rising 3.0% in March, followed by 2.3% in Seattle.

 

But before this "good news" is seen as too good, at the same time the FHFA reported that its house price index in March rose 0.3%, below the 0.7% expected, and below the 0.7% increase posted last month.