It's April value was essentially the same as its March value. In the context of the other housing data we have, we can stop wondering whether housing hit bottom this spring -- it did.
Recall that the Case-Shiller index is a 3-month moving average, so this result may indicate that the pure April data showed higher prices than did the February and March data.
Recall that the Case-Shiller index is a 3-month moving average, so this result may indicate that the pure April data showed higher prices than did the February and March data.
Sean MacLeod kindly provided this graph comparing various indices, although here it is hard to see that the CS March-April decline was indeed small.
Below is my chart, which expresses housing prices as a ratio to construction costs, and shows them together with construction activity.
Below is my chart, which expresses housing prices as a ratio to construction costs, and shows them together with construction activity.
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