Mixed Data From Home Price Index Reports

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Peoples Home Equity comments on two home price index reports that were released on Tuesday, February 25th.

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On an annual basis, both Las Vegas, at 25.50%, and San Francisco, at 22.62%, grew by the highest amount.

Peoples Home Equity reports that Tuesday, February 25th, was a big day for home price index reports. Both the Federal Housing Finance Agency home price index and the S&P/Case-Shiller home price indices released their December data on Tuesday concluding real estate gains in 2013.

The Federal Housing Finance Agency reported a monthly increase of 0.8% in its home price index (HPI) for December 2013. This monthly increase was well received as the last report for November was a decline of -0.1%, as shown on TradingEconomic.com. The HPI is now at a level not seen since 2006.

To get a more local read of the real estate markets, we turn to the S&P/Case-Shiller home price indices. On a national basis, its HPI declined -0.33% in December 2013. Both the 10 city and 20 city composites also declined respectively -0.08% and -0.04%. There were not large gains or losses in any city for December 2013, to highlight the top 2 best and worst performing: Miami grew 0.88%, Las Vegas grew 0.41%, Cleveland declined -1.19%, and Minneapolis declined -0.67%. Peoples Home Equity thinks we will continue to see neutral to slightly negative reports in bot January and February. The cause is related to the overall decline in home sales over the past few months. However, the lender does expect to see more positive numbers being posted for after February with the advent of spring. On an annual basis, both Las Vegas, at 25.50%, and San Francisco, at 22.62%, grew by the highest amount. There was not a single city that experienced price declines in 2013, but Cleveland underperformed with gains of only 4.49%, and New York City with 6.31%.

Peoples Home Equity has branches spanning all over the United States, if interested in purchasing a home somewhere nationwide, please feel free to contact a PHE loan officer today: (855)-897-0300

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Giorgio U Ferrero
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