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Tuesday, October 31, 2023

Comments on August Case-Shiller and FHFA House Prices

by Calculated Risk on 10/31/2023 10:18:00 AM

Today, in the Calculated Risk Real Estate Newsletter: Case-Shiller: National House Price Index Up 2.6% year-over-year in August; New all-time High


S&P/Case-Shiller released the monthly Home Price Indices for August ("August" is a 3-month average of June, July and August closing prices). August closing prices include some contracts signed in April, so there is a significant lag to this data. Here is a graph of the month-over-month (MoM) change in the Case-Shiller National Index Seasonally Adjusted (SA).

Case-Shiller MoM House PricesThe MoM increase in the seasonally adjusted Case-Shiller National Index was at 0.9%. This was the seventh consecutive MoM increase following seven straight MoM decreases.

On a seasonally adjusted basis, prices increased in 19 of the 20 Case-Shiller cities on a month-to-month basis (Cleveland saw prices decline MoM). Seasonally adjusted, San Francisco has fallen 9.5% from the recent peak, Seattle is down 7.3% from the peak, Las Vegas is down 6.5%, and Phoenix is down 6.1%.
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