by Calculated Risk September 8, 2024 12:15 PM
Today’s Calculated Risk Real Estate Newsletter: Freddie Mac Home Price Index rose slightly in July, up 4.4% year over year
Short excerpt:
Freddie Mac is “National” House Price Index (FMHPI) The national FMHPI increased 0.05% m/m in June on a seasonally adjusted (SA) basis. On a year-on-year basis, the national FMHPI increased 4.4% in July, down from a 5.2% y/y increase in June. The y/y increase peaked in July 2021 at a 19.1% increase and bottomed out for this cycle at a 0.9% y/y increase in May 2023….
As of July, 17 states and Washington, D.C., are below their previous seasonally adjusted peaks. The largest seasonally adjusted declines from recent peaks were in Idaho (-4.2%), Arizona (-1.9%), Arkansas (-1.8%), Florida (-1.6%), Texas (-1.3%) and Colorado (-1.1%).
For cities (Core-Based Statistical Areas, CBSAs), here are the 30 cities with the largest seasonally adjusted declines from their peak: Austin continues to be the worst performing city. However, currently, 10 of the 30 worst performing cities are in Florida.
