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New York City continues to lag the national increase in home sale prices. While the NYC metro area posted its first positive seasonally adjusted increase in three months, the non seasonally adjusted numbers show continuing decline. The nation as a whole is much more positive with the national 10 city index showing an increase of 0.9% to NYC’s 0.2%. For the one year, year over year changes NYC is still the only metro area in the US showing a decline.
Case Shiller shows another jump up for the country and more disappointing results for the New York Metro area. The seasonally adjusted numbers show a 0.6% increase in the 10 city index for the period from October to November 2012 and a -0.3% decline for New York. While other metro areas including Chicago, Boston and Atlanta showed declines for the October to November period, only New York showed a year over year decrease of -1.2%. Perhaps we can blame Sandy for reducing sales in November.
While the Case Shiller Index of small homes continues to show a recovery pretty much across the country, the New York metro area shows a much more sluggish picture. From September 2012 to October 2012 the Index for the NYC Metro area declined by -0.4 % for the non-seasonally adjusted index compared to a decline of -0.1% for the 10 metro area index. Worse, we see a -1.3% decline from October 2011 where the 10 metro area index shows a 3.4% increase for the same period.
Nationally the seasonally adjusted Case Shiller Index has shown its eighth consecutive monthly gain, rising 0.3% from August 2012 to September 2012. The not so good news is that the New York metro area showed a -0.1% decline for the same period and is still -2.3% below its standing of 12 months ago.
The August 2012 Case Shiller report has more good news, though not for the New York City metro area. The national seasonally adjusted 20 city index rose .5% over July and 2.0% over August 2011. That’s five months of consecutive improvement. However the New York metro area was a 0% gain over July on the seasonally adjusted index. The non adjusted index, which we use for our chart, showed a 0.7% gain. Year over year, NY was down -2.3% on the seasonally adjusted index. Still the overall trend seems to be upward.
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