This morning the Case-Shiller Housing Price Index landed at 138.55 for the month of April, a month-over-month (MoM) change of 0.67%; about 30 bps higher than expected.
This brought the third consecutive month of gains in the index, something that hasn’t been seen since early 2010. Making today’s news more noteworthy, last month’s 0.10% gain was revised higher to 0.70%. City by city, 17 of the 20 in the index posted positive results, with strong gains in Phoenix, San Francisco, Miami, and Tampa. New York and Boston were both fractionally negative, and Detroit continues to lag with a -2.06% drop, MoM.
Today’s data was one of three housing numbers for this busy economic week. On Monday we saw New Home Sales at 369k versus the 350k expected. Tomorrow at 10:00am EST the market expects to see the Pending Home Sales Index rise 1.2% after last month’s surprising -5.5% drop, leaving room for possible revisions. On Thursday GDP and Jobless claims will hit the wires at 8:30am EST.