by Calculated Risk on 7/31/2019 10:45:00 AM
Wednesday, July 31, 2019
The Case-Shiller house price indexes for May were released yesterday. Zillow forecasts Case-Shiller a month early, and I like to check the Zillow forecasts since they have been pretty close.
From Matthew Speakman at Zillow: May Case-Shiller Results and June Forecast: Still Tapping on the Brakes
Low mortgage rates and consumer demand typically would create a bonanza for builders and the housing market overall. In recent years, builders have faced high land and labor costs that prevented them from putting up homes fast enough, particularly at the less expensive end of the market where first-time buyers search.The Zillow forecast is for the year-over-year change for the Case-Shiller National index to be at 3.4% in June, the same as in May.
The Zillow forecast is for the 20-City index to decline to 2.2% YoY in June from 2.4% in May, and for the 10-City index to decline to 2.0% YoY compared to 2.2% YoY in May.