by 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, Part 1: Current state of the housing market; mid-July 2024 overview We looked at housing inventory, housing starts, and home sales.
In part two we’ll look at home prices, mortgage rates, rents and more.
…Other indicators of home prices suggest that year-over-year gains slowed slightly in May, with the Case-Shiller index showing the fastest growth. NAR reports Median prices rose 5.8% year over year in May, up from 5.4% in April. The monthly decline in existing home sales in May was driven by the lowest-priced region in the South, where fewer sales likely contributed to a slight increase in the median price.
ice report Prices rose 4.6% year-over-year in May, down from a 5.3% increase in April, Freddie Mac said. report Home prices rose 5.9% year-over-year in May, down from a 6.4% year-over-year 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. 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.
