Comments on August Case-Shiller and FHFA House Prices

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

Excerpt:

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).

The 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%.

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