Monthly Trends Show Tepid Momentum
Month-over-month readings reflected a slower pace of appreciation. The seasonally adjusted Case-Shiller National Index rose 0.6% in January, while the FHFA Index posted a modest 0.2% gain. Notably, the 10-City and 20-City Composites from Case-Shiller both rose 0.5% on a seasonally adjusted basis. On a non-adjusted basis, gains were smaller at just 0.1%.
Regionally, FHFA data showed wide dispersion. The West North Central division rose 1.0% month-over-month, while the South Atlantic declined 0.8%. This reflects cooling in some previously high-growth areas such as Tampa and San Francisco, both of which logged six-month declines exceeding 3%, according to Case-Shiller.
