The Freddie Mac House Price Index declines for the seventh month in a row in January
To Estimated risk per 03/01/2023 10:53:00
Today in the Calculated Risk Real Estate newsletter: The Freddie Mac House Price Index declines for the seventh month in a row in January
Freddie Mac reported that his “National” House Price Index (FMHPI) declined for the seventh consecutive month of seasonally adjusted growth in January, bringing the national FMHPI down 2.7% from its peak in June 2022 and 5.3% non-seasonally adjusted (NSA) from its peak.
On an annualized basis, the national FMHPI rose 2.4% in January compared to 4.4% year on year in December. Year-on-year growth peaked at 19.2% in July 2021.
In January, 37 states and the District of Columbia were below their seasonally adjusted 2022 peaks. The largest seasonally adjusted declines from the recent peak were in Idaho (-9.6%), Arizona (-8.3%), D.C. (-7.3%), Washington (-7.2%), Nevada (-7.2%), California (-6.6%). %), Utah (-6.5%) and Colorado (-5.8%).
Median FMHPI and NAR prices appear to be leading indicators for Case-Schiller and based on the recent trend, FMHPI will be negative year-over-year in March (as of late April) with Case-Schiller following shortly after. this.
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