Home prices in the 20 largest metropolitan cities declined 0.1% in July, according to S&P’s monthly release [.pdf]. The only two cities with an increase in the price of homes in July was Chicago and Washington D.C., which were subtle increases of 0.1% and 0.6%, respectively. Prices in Boston were unchanged in July, but the 17 other metropolitan cities experienced moderate declines with Phoenix leading the pack at -1.7%, as the chart below shows. Further, in the previous analysis of home prices, Left and Right News published 4 key indicators and concluded that home prices may decelerate – just as occurred.
Lastly, notice the chart below includes the seasonally adjusted (SA) results and the non-seasonally adjusted (NSA) results. The issue is that other news sources, which you can see for yourself at CNN or the LA Times, are reporting the NSA results, not the meaningful SA results. Moreover, neither of the articles even mentions the SA data. Statistical analysis often neglects NSA results, due to them not having a comparable value, so reporting such results only perpetuates a misunderstanding of the housing sector. At Left and Right News, reality is portrayed – not distorted.
Month-to-Month Percent Change in Home Prices: