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Posts Tagged ‘Case Schiller’
In the USA, the changes are even more dramatic than in the UK. Economic output in the manufacturing sector expanded in August, following 18 months of contraction, which is highly significant.
The S&P/Case-Shiller index, which tracks home prices in 20 cities, ticked up slightly in May, its first gain in 34 months (see chart below left hand side). New construction of single-family homes rose in July for the fifth straight month.
Sales of existing homes are expected to show their fourth consecutive month of gains when latest numbers are released (see chart below right hand side).
Within the State of Florida, sales of existing homes have risen year on year for the past ten months in a row! Sales of existing condos in Florida are up 39% year on year.
In the more depressed regions of Europe and USA, it’s very difficult to grasp just how fast property markets in places like Florida can move. But I can assure you that it is very intense and the landscape changes every day.
For more information, please see www.torcana.com.
Kind Regards
Colin Murphy
Director
Torcana Ltd
After a (very) long winter, spring seems to have brought a touch of sunshine to American house prices. The latest Case Shiller indices were released last week and they showed that average prices continued to fall in April 2009: the ten city index was 0.7% lower the 20 city index was 0.6% lower than the previous month. What’s interesting to me is that these are the lowest falls since June 2008. The case for those declaring the worst is over continues to gain momentum.
Despite continued pessimism in some quarters of the market, the statistics point to similar turning points in the UK; with Nationwide reporting price rises of 0.9% in June and the Bank of England announcing four months in a row of rising mortgage approvals in May.
Colin Murphy
Torcana.com
