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Tuesday, February 27, 2024

Comments on December Case-Shiller and FHFA House Prices

by Calculated Risk on 2/27/2024 09:48:00 AM

Today, in the Calculated Risk Real Estate Newsletter: Case-Shiller: National House Price Index Up 5.5% year-over-year in December; FHFA: House Prices Up 6.5% Q4 over Q4


S&P/Case-Shiller released the monthly Home Price Indices for December ("December" is a 3-month average of October, November and December closing prices). December closing prices include some contracts signed in August, 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 (SA) Case-Shiller National Index was at 0.19%. This was the eleventh consecutive MoM increase, but the smallest increase since prices declined (SA) in January 2023.

On a seasonally adjusted basis, prices increased in 13 of the 20 Case-Shiller cities on a month-to-month basis. Seasonally adjusted, San Francisco has fallen 8.7% from the recent peak, Seattle is down 7.0% from the peak, Portland down 4.7%, and Phoenix is down 3.2%.
There is much more in the article.