The S&P/Case Shiller® composite index for the month of May was released yesterday.
"'We see some seasonal improvements with May’s data,' says David M. Blitzer, Chairman of the Index Committee at S&P Indices. 'This is a seasonal period of stronger demand for houses, so monthly price increases are to be expected and were seen in 16 of the 20 cities. The exceptions where prices fell were Detroit, Las Vegas and Tampa. However, 19 of 20 cities saw prices drop over the last 12 months. The concern is that much of the monthly gains are only seasonal.You can see the prior data we had in the post for April on this blog. The price gains have been adjusted downward.
'May’s report showed unusually large revisions [emphasis mine] across some of the MSAs. In particular, Detroit, New York, Tampa and Washington DC all saw above normal revisions. Our sales pairs data indicate that these markets reported a lot more sales from prior months, which caused the revisions. The lag in reporting home sales in these markets has increased over the past few months. Also, when sales volumes are relatively low, as is the case right now, revisions are more noticeable.'"