Freddie Mac House Price Index Increased Slightly in May; Up 0.4% Year-over-year

Today, in the Calculated Risk Real Estate Newsletter: Freddie Mac House Price Index Increased Slightly in May; Up 0.4% Year-over-year

A brief excerpt:

On a year-over-year basis, the National FMHPI was up 0.4% in May, from up 0.7% YoY in April.  The YoY increase peaked at 19.2% in July 2021. ...

In May, 15 states and D.C. were below their 2022 peaks, Seasonally Adjusted. The largest seasonally adjusted declines from the recent peak were in D.C. (-9.1%), Idaho (-7.2%), Nevada (-7.1%), Hawaii (-5.5%), Arizona (-5.2%), Utah (-4.9%), Washington (-4.3%), California (-3.7%), Oregon (-3.6%) and Wyoming (-5.0%).

For cities (Core-based Statistical Areas, CBSA), here are the 30 cities with the largest declines from the peak, seasonally adjusted.
...
The FMHPI is suggesting the YoY change in the Case-Shiller index will be close to unchanged for the next couple of months.

The big question is “Will house prices decline further later this year?” And I’ll post some thoughts on this next week.

There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/