by Calculated Risk June 13, 2024, 10:49 AM
Today’s Calculated Risk Real Estate Newsletter: Part 2: Current state of the housing market, mid-June 2024 overview
Short excerpt:
yesterday, Part 1: Current state of the housing market; mid-June 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 prices will rise by about the same amount year-over-year in the April Case-Shiller Index. NAR reports Median prices rose 5.7% year-over-year in April, up from a 4.7% year-over-year increase in March. ICE reported Prices are “cooling,” but rose 5.1% year-on-year in April, down from 5.7% year-on-year in March. Freddie Mac is Home prices rose 6.5% year-over-year in April, down from a 6.6% year-over-year increase in March.
Below is a comparison of the year-over-year changes in the FMHPI, 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 roughly the same in April as it was in March..
There’s a lot more in the article.
