Calculated Risk July 15, 2024 11:21 AM
Today's Calculated Risk Real Estate Newsletter: Part 2: Current State of the Housing Market, Mid-July 2024 Overview
Short excerpt:
Last week, in Part 1: State of the Housing Market, Mid-July 2024 Overview, we looked at housing inventory, housing starts, and sales numbers.
In part two we'll look at home prices, mortgage rates, rents and more.
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Other indicators of home prices suggest prices are down slightly year-over-year in the May Case-Shiller Index. The National Association of Realtors reported that median prices rose 5.8% year-over-year in May, up from a 5.4% increase in April. The monthly decline in existing home sales in May was driven by the lowest-priced region, the Southern region, which likely contributed to the slight increase in median prices.
ICE reported that home prices rose 4.6% in May from a year ago, down from a 5.3% increase in April, and Freddie Mac reported that home prices rose 5.9% in May from a year ago, down from a 6.4% increase in April.
Below is a comparison of the year-over-year changes in the FMHPI, the NAR average home price, and the Case-Shiller national index.
The FMHPI and NAR median prices appear to be leading indicators of the Case-Shiller Index. Based on recent monthly data and the FMHPI, the year-over-year change in the Case-Shiller Index is likely to be lower in May compared to April.
There's a lot more in the article.
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