by Calculated Risk on 9/27/2022 09:48:00 AM
Today, in the Calculated Risk Real Estate Newsletter: Case-Shiller: National House Price Index “Continued its Deceleration” to 15.8% year-over-year increase in July
The Case-Shiller Home Price Indices for “July” is a 3-month average of May, June and July closing prices. May closing prices include some contracts signed in March, so there is a significant lag to this data.
The MoM decrease in Case-Shiller was at -0.24%. This was the first MoM decrease since February 2012, and since this includes closings in May and June, this suggests prices fell sharply in July.
On a seasonally adjusted basis, prices declined in 12 of the 20 Case-Shiller cities on a month-to-month basis: Phoenix, Los Angeles, San Diego, San Francisco, Denver, Washington DC, Boston, Detroit, Minneapolis, Portland, Dallas and Seattle all saw month-to-month price declines in the July report.
On the FHFA index: FHFA House Price Index Down 0.6 Percent in July; Up 13.9 Percent from Last Year