What I Saw Last Week
February’s Case Shiller Index data showed the 20-City Index up by 5.0% y/y – marginally above my forecast for 4.9% – and the Seattle index higher by 7.1%, again above my call for an annual increase of 6.3%.
Denver led the gains with a 10-percent increase in home prices in the last 12 months, marking the first double-digit gain for the city since August 2013. San Francisco, where values appreciated 9.8 percent from February 2014, saw the largest acceleration in prices.
Only San Diego, Las Vegas, and Portland, OR saw the pace if increases slow from the previous year.
The National Index has now seen 34 consecutive months with positive year-over-year gains and all 20 cities have shown year-over-year gains every month since the end of 2012.
The annual Seattle growth rate has remained between 6 and 7% for the past 8 months and I expect that…
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