What I Saw Last Week
The Case Shiller Index data for March showed prices for the 20-City index up by 5.0% year over year (I had forecast an increase of 5.1%) and the Seattle market came in up by 7.5% – I had forecast an annual increase of 7.3%.
Ten cities saw home prices rise in the last 12 months, and 10 urban areas reported a year-over-year decrease.
Home prices in San Francisco and Denver led the gains, increasing by 10.3 percent and 10 percent, respectively. The double-digit gain was San Francisco’s first since July 2014. Cleveland saw the largest slide, with home prices falling 1.2 percent from March 2014.
What was more interesting than anything else was the monthly jump in the Seattle index which saw a jump of 2.3% between February and March.
I will still maintain my position that this pattern is indicative of a rebound, rather…
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