Home prices decelerated in June as buyers left the market, driven by historically high prices and rising interest rates. Both the S&P CoreLogic Case-Shiller Indices and Federal Housing Finance Agency House Price Index (FHFA HPI) saw price growth moderate in June. The HPI saw prices rise only 0.1% from May, while Case-Shiller reported an 18% YOY gain in June, down from 19.9% in May. FHFA’s data suggests prices are just now beginning to moderate. From Q1 2022 to Q2, prices rose 17.7% YOY and 4% quarter-over-quarter, with the only deceleration appearing in June. “Housing prices grew quickly through most of the second quarter of 2022, but a deceleration has appeared in the June monthly data. The pace of growth has…
Home price appreciation continues to soar, with both the S&P CoreLogic Case-Shiller Indices and the Federal Finance Housing Agency’s House Price Index posting significant gains. The Case-Shiller Indices had the highest YOY price gains in its 35-year history. The National Index showed a 20.6% YOY increase in March. The 10-City Composite index rose 19.5%, while the 20-City Composite was up 21.1% YOY. Month-over-month, the seasonally adjusted National Index rose 2.1%, the 10-City rose 2.2%, and the 20-City rose 2.4%. All 20 cities saw price gains both before and after adjustment. Tampa (+34.8%), Phoenix (+32.4%), and Miami (+32%) led the surge. Seventeen of the 20 cities had higher price increases YOY in March 2022 than in February 2022. “The strength of…
New home sales fell to a four-month low in March to a seasonally adjusted annual rate of 763,000, down 8.6%, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development. The massive dropoff can be attributed to the rising cost of buying a home. Home price appreciation and increasing interest rates are pricing potential buyers out of the market. Between rates and prices, monthly mortgage payments are 19.5% higher than they were three months ago and 38% higher than a year ago. Meanwhile, some sellers are opting not to put their homes up for sale, exacerbating the stock shortage and driving up competition. The seasonally‐adjusted estimate of new houses for sale at the end…
Housing prices set a record in February, up 19.4% YOY and 2.1% from January 2022, according to the Federal Housing Finance Agency’s (FHFA) latest House Price Index (HPI). Seasonally adjusted monthly house price changes from January to February ranged from +1.3% in the East North Central division to +2.9% in the South Atlantic division. The 12-month changes ranged from +15.3 percent in the East North Central division to +24.3 percent in the Mountain division. “House prices rose to set a new historical record in February,” said Will Doerner, Ph.D., Supervisory Economist in FHFA’s Division of Research and Statistics. “Acceleration approached twice the monthly rate as seen a year ago. Housing prices continue to rise owing in part to supply constraints.”…
Good Morning! Today is Wednesday, January 26. Federal prosecutors are reviewing fake Electoral College certifications that declared former President Donald Trump the winner of states that he lost. Former Boston Red Sox star David Ortiz has been elected to the National Baseball Hall of Fame. The Mortgage Note Reports House Price Index: House prices rose 1.1% nationwide in November, according to the latest FHFA House Price Index. HUNT COO: HUNT Mortgage Corporation has hired Bindiya Jain of Shrewsbury, Massachusetts as its Chief Operating Officer. And in other mortgage and housing news… The Fate Of Zillow: Zillow’s near-term fate “hinges upon a delicate market balance the likes of which we’ve never quite seen,” Laura Forman argues in the Wall Street Journal.…
