It’s the last Tuesday of the month, bringing with it the release of the eagerly-awaited Case-Shiller Home Price Index data, the most-closely watched and least-predictive housing index in the country.
The not seasonally-adjusted index for May for single-family homes rose 1.72% over the previous month, but that represented an 8.11% year-over-year decline and left it at the levels prevailing in May of 2001. The seasonally adjusted index rose by a more modest 0.3% month-over-month and also declined 8.11% year-over-year.
The not seasonally-adjusted condominium index rose 2.86% from the previous month, to a level 15.63% below the previous year’s value. On a seasonally adjusted basis the condo index rose only .86% month-over-month and declined 15.63% year-over-year. The index for May was at September 2000 levels.