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Tuesday, May 30, 2023

Comments on March Case-Shiller and FHFA House Prices

by Calculated Risk on 5/30/2023 10:30:00 AM

Today, in the Calculated Risk Real Estate Newsletter: Case-Shiller: National House Price Index Increased 0.7% year-over-year in March


The recent increase in mortgage rates to over 7% will not impact the Case-Shiller index until reports released in the Fall.
Here is a comparison of year-over-year change in median house prices from the NAR and the year-over-year change in the Case-Shiller index. Median prices are distorted by the mix and repeat sales indexes like Case-Shiller and FHFA are probably better for measuring prices. However, in general, the Case-Shiller index follows the median price.

Case-Shiller MoM House PricesThe median price was down 1.7% year-over-year in April, and the Case-Shiller National Index will likely be down year-over-year in the April report.

Note: I’ll have more on real prices, price-to-rent and affordability later this week.
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