Nineteen of 20 cities in the index posted annual declines in April — just Washington notched an increase. The monthly rises were more widespread with 13 cities climbing. On a seasonally adjusted basis, which aims to take into account the stronger spring-summer selling season, eight cities — Atlanta, Los Angeles, Minneapolis, New York, Phoenix, San Francisco, Seattle and Washington, D.C. — posted monthly increases. Miami prices were flat on a seasonally adjusted basis.
Basically what we see is that Washington DC owns the housing market when Keynes is in town, but when Keynes goes away the various cities show nominal house price growth. This is what Keynesians do, they skew the economy causing unnecessary cyclic behavior.
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