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Comments on July Case-Shiller and FHFA House Price Decreases


by Calculated Risk on 9/27/2022 09:48:00 AM

Today, in the Calculated Risk Real Estate Newsletter: Case-Shiller: National House Price Index “Continued its Deceleration” to 15.8% year-over-year increase in July


Both the Case-Shiller House Price Index (HPI) and the Federal Housing Finance Agency (FHFA) HPI for July were released today. Here is a graph of the month-over-month (MoM) change in the Case-Shiller National Index Seasonally Adjusted (SA).

The Case-Shiller Home Price Indices for “July” is a 3-month average of May, June and July closing prices. May closing prices include some contracts signed in March, so there is a significant lag to this data.

The MoM decrease in Case-Shiller was at -0.24%. This was the first MoM decrease since February 2012, and since this includes closings in May and June, this suggests prices fell sharply in July.

On a seasonally adjusted basis, prices declined in 12 of the 20 Case-Shiller cities on a month-to-month basis: Phoenix, Los Angeles, San Diego, San Francisco, Denver, Washington DC, Boston, Detroit, Minneapolis, Portland, Dallas and Seattle all saw month-to-month price declines in the July report.

On the FHFA index: FHFA House Price Index Down 0.6 Percent in July; Up 13.9 Percent from Last Year

House prices fell nationwide in July, down 0.6 percent from the previous month, according to the latest Federal Housing Finance Agency House Price Index (FHFA HPI(R)). House prices rose 13.9 percent from July 2021 to July 2022.
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