The Case-Shiller national home price index surged past the pre-recession high last year. The city composites lag.

Steady gains continue in the Case-Shiller Home Price Indexes.

Case-Shiller Year-Over-Year Summary

• The National Home Price NSA Index reported a 6.2% annual gain in October, up from 6.1% in the previous month.
• The 10-City Composite annual increase came in at 6.0%, up from 5.7% the previous month.
• The 20-City Composite posted a 6.4% year-over-year gain, up from 6.2% the previous month.
• Seattle, Las Vegas, and San Diego reported the highest year-over-year gains among the 20 cities. In October, Seattle led the way with a 12.7% year-over-year price increase, followed by Las Vegas with a 10.2% increase, and San Diego with an 8.1% increase.

Nine cities reported greater price increases in the year ending October 2017 versus the year ending September 2017.

Case-Shiller Month-Over-Month Summary

• Before seasonal adjustment, the National Index, 10-City and 20-City Composites all posted a month-over-month gain of 0.2% in October.
• After seasonal adjustment, the National Index, 10-City and 20-City Composites all recorded a 0.7% month-over-month increase in October.
• Eleven of 20 cities reported increases in October before seasonal adjustment, while all 20 cities reported increases after seasonal adjustment.

Peaks and Troughs

• The national index is 6.0% above the previous peak in July of 2006.
• The 20-city index is 1.3% below the June 2006 peak.
• The 10-city index is 3.8% below the June 2006 peak.

Congratulations

The Fed re-blew the housing bubble.

In the misguided way in which the Fed calculates inflation, none of this is considered inflationary.

Few new buyers can afford to buy.