The S&P/Case-Shiller 20-city index rose 5.6% annually in the fourth quarter compared to a year ago, up from a 5.2% annual gain in November.The broader national index rose 5.8% for the year in December, the strongest gain in 30 months. Economists expected only a 5.4% increase in the 20-city index. The hottest markets were again in the West. Seattle up 0.6% for the month 10.8% compared to a year ago, and Portland up 0.3% for the month and 10.0% for the year. The national index is 0.5% higher than its July 2006 peak, while the 20-city index is still 6.7% lower.
MNI Indicators reports the Chicago Purchasing Managers Index rose by 7.1 points to 57.4 in February. It is the highest reading in more than two years. It’s also the biggest single month gain since January 2016. Readings above 50 indicate improving conditions. New orders were up 10.1 points, production rose to a 13-month high, and prices paid hit the highest level in two and a half years.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
