U.S. Home Prices Rise in July but Lag Inflation
U.S. home prices continued to rise in July, with annual gains ranging from about 1.9% to 2.6% across national indexes and the FHFA measure up 0.3% from June. Gains varied by region: the Middle Atlantic led FHFA’s regional figures, while Chicago posted the strongest increase among Case-Shiller cities and Seattle prices fell.
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About Case–Shiller index
The Standard & Poor's Cotality Case-Shiller Home Price Indices are repeat-sales house price indices for the United States. There are multiple Case-Shiller home price indices: A national home price index, a 20-city composite index, a 10-city composite index, and twenty individual metro area indices. These indices were first produced commercially by Case Shiller Weiss. They are now calculated and kept monthly by Standard & Poor's, with data calculated for January 1987 to present. The indices kept by Standard & Poor's are normalized to a value of 100 in January 2000. They are based on original work by economists Karl Case and Robert Shiller, whose team calculated the home price index back to 1890. Case and Shiller's index is normalized to a value of 100 in 1890. The Case-Shiller index on Shiller's website is updated quarterly. The two datasets can greatly differ due to different reference points and calculations. For example, in the 4th quarter of 2013, the Standard and Poor 20 city index point was in the 160's, while the index point for 4th quarter on the Shiller data was in the 130s. Shiller claims in his book Irrational Exuberance that such a long series of home prices does not appear to have been published for any country.
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