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

Brief excerpt:

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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