The data: This is a slight beat, but the general trend is flat, not v-shaped. Lots more to come…
Data through May 2010, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show that the annual growth rates in 15 of the 20 MSAs and the 10- and 20-City Composites improved in May compared to those reported for April 2010. The 10-City Composite is up 5.4% and the 20-City Composite is up 4.6% from where they were in May 2009. While 19 MSAs and both Composites reported positive monthly changes in May over April, only 12 of the MSAs and the two Composites saw better month-over-month growth rates in May than those reported in April.
The chart above depicts the annual returns of the 10-City and 20-City Composite Home Price Indices
with increases of 5.4% and 4.6%, respectively, in May 2010 compared to the same month last year.
While still positive, Boston, Charlotte, Cleveland, Dallas and Denver reported weaker annual growth
rates compared to their reports from last month. Seven of the 20 MSAs are still reporting negative annual growth rates with May’s data.
And here’s a raw look at the numbers:
Background: The market is expecting a gain of 4% for May housing prices. This number has been a consistent disappointment of late.