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Case-Shiller Index Posts Second Straight Increase

July 26, 2011

Case-Shiller Index Posts Second Straight Increase

07/26/2011 By: Carrie Bay

For the second month since recording an official double-dip in home prices, the S&P/Case-Shiller index has posted an uptick.

Data just released by Standard & Poor’s shows that 16 of the 20 metros included in the study and both composites reported positive monthly increases.

The 10- and 20-city composites were up 1.1 percent and 1.0 percent, respectively, in May over April.

Detroit, Las Vegas, and Tampa were down over the month and Phoenix was unchanged.

On an annual basis, Washington D.C. was the only metro with a positive rate of change, up 1.3 percent.

The remaining 19 metros were down in May 2011 versus the same month last year. Minneapolis fared the worst posting a double-digit decline of 11.7 percent.

The 10-city and 20-city composites recorded annual declines of 3.6 percent and 4.5 percent, respectively, when compared to May 2010. (Last year’s spring season had the benefit of federal homebuyer tax credits which served to boost activity.)

Still, David Blitzer, chairman of the index committee for S&P, says he’s seeing some seasonal improvements in May’s data.

From: http://ping.fm/U50bu

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