Today, in the Calculated Risk Real Estate Newsletter: Part 2: Current State of the Housing Market; Overview for mid-October
A brief excerpt: Yesterday, in Part 1: Current State of the Housing Market; Overview for mid-October I reviewed home inventory and sales.
Most measures of house prices have shown an increase in prices over the last several months, and a key question I discussed in July is Will house prices decline further later this year? I will revisit this question soon.
Other measures of house prices suggest prices will be up further YoY over the next few months in the Case-Shiller index. The NAR reported median prices were up 3.9% YoY in August, up from 1.7% YoY in July. ICE / Black Knight reported prices were up 3.8% YoY in August, up from 2.4% YoY in July to new all-time highs, and Freddie Mac reported house prices were up 4.0% YoY in August, up from 2.9% YoY in July – and also to new all-time highs.
The FMHPI and the NAR median prices appear to be leading indicators for Case-Shiller. Based on recent monthly data, and the FMHPI, the YoY change in the Case-Shiller index will increase further in the report for August.There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/