Today, in the Real Estate Newsletter: Four House Price Topics
Brief excerpt: Even though the September index will show another very strong YoY gain, I expect house price growth to decelerate in coming months.
The following graph shows YoY price changes for the NAR median house prices, Case-Shiller National price index, and the FHFA purchase-only index (Fannie and Freddie loans only).
Most of the time, the NAR median price leads the Case-Shiller index, and I expect the Case-Shiller index to show a lower growth rate (but still robust) in coming months.
In the October existing home sales report released last week, the NAR reported months-of-supply was unchanged at 2.4 months in October. There is a seasonal pattern to inventory, but this is still very low – and prices will remain solid as long as inventories stay low.You can subscribe at https://calculatedrisk.substack.com/ (Currently all content is available for free, but please subscribe).