Comments on Case-Shiller and FHFA March House Prices

To Estimated risk per 05/30/2023 10:30:00

Today in the Calculated Risk Real Estate newsletter: Case-Shiller: National House Price Index up 0.7% year-on-year in March

Excerpt:

The recent hike in mortgage rates to over 7% will not impact the Case-Shiller index until reports are released in the fall.

Here is a comparison of the yearly change in median house prices from the NAR and the yearly change in the Case-Schiller index. Average prices are skewed by assortment, and repeat sales indices such as Case-Schiller and FHFA are probably better suited to measure prices. However, in general, the Case-Shiller index follows the median price.

Case-Shiller MoM Housing PricesThe average price in April decreased by 1.7% compared to the same period last year. The National Case-Shiller Index is likely to decline year-over-year in the April report..

Note. I will talk more about real prices, rental price and availability later this week.