Freddie Mac House Price Index Increased in June to New High; Up 1.7% Year-over-year

Today, in the Calculated Risk Real Estate Newsletter: Freddie Mac House Price Index Increased in June to New High; Up 1.7% Year-over-year

A brief excerpt: On a year-over-year basis, the National FMHPI was up 1.7% in June, from up 0.8% YoY in May.  The YoY increase peaked at 19.2% in July 2021. …

In June, 15 states and D.C. were below their previous peaks, Seasonally Adjusted. The largest seasonally adjusted declines from the recent peak were in Idaho (-7.7%), Nevada (-5.2%), D.C. (-4.9%), Arizona (-4.9%), Hawaii (-4.6%), Utah (-3.8%), Washington (-33%), and Oregon (-2.5%).

For cities (Core-based Statistical Areas, CBSA), here are the 30 cities with the largest declines from the peak, seasonally adjusted.
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The FMHPI and the NAR median prices appear to be leading indicators for Case-Shiller. The Case-Shiller index was down 0.5% YoY in May. The FMHPI is suggesting the YoY change in the Case-Shiller index will likely by up soon.

The big question is “Will house prices decline further later this year?”There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/