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Tuesday, August 29, 2023

Comments on June Case-Shiller and FHFA House Prices

by Calculated Risk on 8/29/2023 10:11:00 AM

Today, in the Calculated Risk Real Estate Newsletter: Case-Shiller: National House Price Index Unchanged year-over-year in June


The recent increase in mortgage rates to over 7% will not impact the Case-Shiller index until reports are 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 up 1.9% year-over-year in July, and, as expected, the Case-Shiller National Index was unchanged year-over-year in the June report - and will likely be up year-over-year in the July report to new all-time highs.

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