• http://www.businessinsider.com, New Deal democrat
Prices were up +0.5% YoY, and were also up +0.9% month over month from May to June on a seasonally adjusted basis. This is the fifth straight month of seasonally adjusted price gains. In other words, this increase in no way is a reflection of seasonal buying patterns. It is confirmation that housing prices bottomed earlier this year.
But the Case Shiller index is only one house price index. There are a dozen such indexes, all relying on different methods. There are asking prices indexes, median and mean sales price indexes, and repeat sales indexes. Within each type there are seasonally adjusted and non-seasonally adjusted metrics. Back in April I reported on slew of house price indexes, and concluded that March may have marked the turn in the market. With the Case Schiller index turning positive YoY, now is a good time to check those indexes again. Do they contradict the Case Shiller turning point, or do they confirm it?
Let's look at each of the three groups of indexes - list prices, mean and median prices, and repeat sales indexes - in turn.
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