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.
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/