‘Broad-Based Deceleration’ – Case-Shiller Home Prices Tumble Most Since Nov 2011, 3rd Drop In A Row

For the 3rd month in a row, S&P Case-Shiller home prices fell MoM with July’s 0.5% drop the biggest since November 2011. This dragged the YoY growth to 6.75% (missing expectations of 7.4%) and its slowest rate of increase since November 2012. Non-seasonally-adjusted the drop is even larger (-0.6% MoM). Perhaps most notably San Francisco was the biggest drag on the index.

4th miss in a row for YoY home price gains and weakest growth since Nov 2012…

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