Part 2: Current State of the Housing Market; Overview for mid-September 2024

Today, in the Calculated Risk Real Estate Newsletter: Part 2: Current State of the Housing Market; Overview for mid-September 2024

A brief excerpt:

On Friday, in Part 1: Current State of the Housing Market; Overview for mid-September 2024 I reviewed home inventory, housing starts and sales.

In Part 2, I will look at house prices, mortgage rates, rents and more.
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Other measures of house prices suggest prices will be up less YoY in the July Case-Shiller index than in the June report. The NAR reported median prices were up 4.2% YoY in July, up from 4.1% YoY in June.

ICE reported prices were up 3.6% YoY in July, down from 4.1% YoY in June, and Freddie Mac reported house prices were up 4.4% YoY in July, down from 5.2% YoY in June.

Here is a comparison of year-over-year change in the FMHPI, median house prices from the NAR, and the Case-Shiller National index.

The FMHPI and the NAR median prices appear to be leading indicators for Case-Shiller. Based on recent monthly data, and the FMHPI, the YoY change in the Case-Shiller index will likely be lower YoY in July compared to June.

There is much more in the article.