by Mish

Why do I read keep reading Econoday? Entertainment value.

Highlights
Add Case-Shiller to the list of home-price data that are slipping. The 20-city adjusted index fell 0.1 percent in data for June for the third straight negative score. Year-on-year appreciation also continues to slip, down 2 tenths to 5.1 percent for the slowest rate since August last year. This rate peaked in January at 5.7 percent and, though still respectable, has been sliding since.

Nine of the 20 cities show declines in the latest month with weakness centered in the Midwest and Northeast where Chicago is down on the month and up only 3.3 percent year-on-year with New York also down on the month and up only 2.1 percent on the year. Portland, at 12.6 percent on the year, and Seattle at 11.0 percent are stretching their lead over others in the West with California cities slowing to the mid-single digits.

RECOMMENDED ARTICLES

The slowing has its positive side for California where prior gains were raising talk of a possible bubble. But over speculation doesn’t seem to be a risk right now as prices for existing homes ease.

Case-Shiller 20-City Price Changes

Image placeholder title

I’m sure glad to discover there’s no speculation and no bubble in California.

Mike “Mish” Shedlock

Case-Shiller 20-Home Price Index Just Shy of 2006 Bubble Peak

The Case-Shiller national home price index surged past the pre-recession high last year. The city composites lag.

PPI Shows No Price Traction: Dear Econoday Parrot

The Producer Price Index (PPI) was up 0.1% month over month and 2.0% year over year, the latter down from 2.4%. The Econoday parrot was not happy.

23 Cities Have 5-Yr Home Price Gains of 40%, Case-Shiller-20 Up 57% in 6 Yrs

Point2Homes notes 23 US cities had 40% or more home price appreciation in 5 yrs. I compare to Case-Shiller 20 metro area

Producer Prices Unexpectedly Decline

The Producer Price Index (PPI) for final goods unexpectedly declined in July. The PPI fell 0.1% as did the core PPI which excludes food and energy. THe Econoday consensus expected a 0.1% gain.

More Trapped Homeowners: Pending Home Sales Decline Again, Index Below 2016 Level

The pending home sales index, an estimate of existing home sales, has accurately provided the direction of the monthly home resale reports.

Toronto Home Prices Sink Most on Record: Did the Bubble Just Burst?

The three-month average home price in the Toronto area is down a record 14.2% following a flood of new listings and an interest rate hike by the Bank of Canada.

Too Hot to Handle Twist: Econoday “Thankful” for Empire State Manufacturing Cooling

The Econoday consensus estimate for the Empire State manufacturing index was +15.0 in a range of 13.0 to 17.2.

Inflationistas Disappointed: Producer Price Index Flat, Services +0.3%, goods -0.5%

Those rooting for higher inflation were not happy with today’s PPI report that shows producer prices flat for the month vs an Econoday consensus of a 0.1 percent rise.

CPI Weak, Prices of Autos, Lodging Away From Home

Drop: Econoday Cheers Rising Medical and Apparel Prices. The CPI rose 0.1% in July vs an Econoday consensus estimate of 0.2%.