The Case-Shiller Home Price Indices were released this morning. As usual, I use the seasonally unadjusted numbers to see what is happening. The numbers show that home prices dropped 4.5% in the year to May 2011, with every market down except Washington D.C. Washington has been ostensibly been insulated by government stimulus. However, this factor is likely to recede in the coming months and i suspect that Washington prices will follow the same trend as other markets, whatever that might be.
As the house-selling season was kicking into high gear during May when the data were calculated, 16 of 20 markets showed month-to-month increases. The figures and press release are below.
