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Tuesday, March 26, 2024

Comments on January House Prices, FHFA: House Prices Declined Slightly in January

by Calculated Risk on 3/26/2024 09:51:00 AM

Today, in the Calculated Risk Real Estate Newsletter: Case-Shiller: National House Price Index Up 6.0% year-over-year in January; FHFA: House Prices Declined Slightly in January, up 6.3% YoY


S&P/Case-Shiller released the monthly Home Price Indices for January ("January" is a 3-month average of November, December and January closing prices). January closing prices include some contracts signed in September, 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 0.36%. This was the twelfth consecutive MoM increase, and a larger MoM increase than the previous two months.

On a seasonally adjusted basis, prices increased month-to-month in 13 of the 20 Case-Shiller cities. Seasonally adjusted, San Francisco has fallen 8.4% from the recent peak, Seattle is down 7.1% from the peak, Portland down 4.8%, and Phoenix is down 3.6%.
There is much more in the article.