U.S. Home Prices Pace Higher, up 4.9% yr/yr in October – S&P CoreLogic Case-Shiller

The S&P CoreLogic Case-Shiller 20-city home price index in the US was up 4.9% yr/yr in October (consensus 5.0%) after increasing 3.9% in September. The Jump was the largest increase since November 2022 in line with market expectations. Supply continues to pressure prices despite higher interest rates with as a shortage of available homes for sale. Looking forward we have seen easing mortgage rates and the Federal Reserve signaling a slightly more accommodative stance in a so-called dovish pivot. This … Continue reading “U.S. Home Prices Pace Higher, up 4.9% yr/yr in October – S&P CoreLogic Case-Shiller”

US Home Prices Rise 0.3% in October FHFA House Price Index Shows, Middle Atlantic Strongest

The FHFA Housing Price Index rose 0.3% m/m in October after increasing a revised 0.7% (from 0.6%) in September. For the nine census divisions, monthly price changes ranged from -0.3 percent in the New England division to +1.1 percent in the Middle Atlantic division. Year-on-year, house prices rose by 6.3% in October, accelerating from 6.2% the month before. The 12-month changes ranged from +2.6 percent in the Mountain division to +9.9 percent in the Middle Atlantic division. The shows the … Continue reading “US Home Prices Rise 0.3% in October FHFA House Price Index Shows, Middle Atlantic Strongest”

U.S. Pending Home Sales Fell 1.5% in October After Suprise Rise in September

US pending Home Sales were down 1.5% in October (consensus -2.3%) after increasing a revised 1.0% (from 1.1%) in September. The fall comes with soaring mortgage rates with unprecedented rate hikes delivered by the Fed. October comes after a surprise rise in September when limited supply and builder incentives spurred the sales. For perspective year-on-year, pending home sales are down by 6.6 percent in October of 2023 over the same month in the previous year.  West, Midwest and South posted … Continue reading “U.S. Pending Home Sales Fell 1.5% in October After Suprise Rise in September”

U.S. Pending Home Sales Rose 1.1% Versus -1.8% Expected Again Defying Analysts

US pending home sales rose unexpectedly by 1.1% versus -1.8% expected for the month of September 2023. The rise comes despite soaring mortgage rates with unprecedented rate hikes delivered by the Fed. However, limited supply and builder incentives spurred the sales. For perspective year-on-year, pending home sales are down by 11 percent in September of 2023 over the same month in the previous year.  Although at a slower rate than the previous month and marking a 28th straight month of … Continue reading “U.S. Pending Home Sales Rose 1.1% Versus -1.8% Expected Again Defying Analysts”

U.S. Pending Home Sales Rose 0.9% in July for the Second Monthly Rise Defying Analysts

US pending home sales rose unexpectedly by 0.9% in July month-over-month beating market expectations of a 1.3% fall after they increased by a revised 0.4% (from 0.3%) in June. The rise was the second in a row after falling for four months as the housing market struggles with high interest rates with unprecedented rate hikes delivered by the Fed. Additionally, there is limited supply. Contract signings rose in the South and West, while experiencing a decrease in the Northeast and … Continue reading “U.S. Pending Home Sales Rose 0.9% in July for the Second Monthly Rise Defying Analysts”

US Home Prices Rise 0.3% in June FHFA House Price Index Shows, New England Strongest

The FHFA Housing Price Index rose 0.3% m/m in June after increasing 0.7% in May. House prices with mortgages guaranteed by Fannie Mae and Freddie Mac rose nationwide the FHFA House Price Index showed. For the second quarter house prices advanced by 1.7% from the previous quarter and rose by 3% from the same period last year. Of the nine census divisions, the East North Central division recorded the strongest four-quarter appreciation, posting a 5.4% increase between the second quarters … Continue reading “US Home Prices Rise 0.3% in June FHFA House Price Index Shows, New England Strongest”

U.S. Pending Home Sales Rose 0.3% in June, Lack of Housing Supply

US pending home sales rose unexpectedly in June 0.3% month-over-month beating market expectations of a 0.5% fall. The first rise in four months as housing market struggles with high interest rates in limited supply. e unprecedented rate hikes delivered by the Fed. Contract signings increased in the Northeast and Midwest but declined in the South and West. For perspective year-on-year, pending home sales are down by 15.6 percent from June 2022 and marking a 25th straight month of declines.  All … Continue reading “U.S. Pending Home Sales Rose 0.3% in June, Lack of Housing Supply”

Mid-West Leads U.S. Home Prices in May – S&P CoreLogic Case-Shiller

The S&P CoreLogic Case-Shiller 20-city home price index in the US rose 1.5% in May, marking a fourth straight month of increases. However, year to year we get a picture of the slump we are coming out of. Home prices fell 1.7% yoy in May 2023, the same as in April, which was the biggest decline since April 2012. The fall however was less than expected, forecasts were for of a 2.2% drop. Seattle (-12.4%) and San Francisco (-11.1%) were the … Continue reading “Mid-West Leads U.S. Home Prices in May – S&P CoreLogic Case-Shiller”

US Home Prices Rise 0.7% in May FHFA House Price Index Shows, Mountain Division Weakest

The FHFA Housing Price Index rose 0.7% in May from a 0.7% increase in April. House prices with mortgages guaranteed by Fannie Mae and Freddie Mac rose nationwide the FHFA House Price Index showed. House prices rose 2.8 percent from May 2022 to May 2023, lowest since April 2012, compared with forecasts of a 2.6 percent rise. Higher mortgage rates continue to put downward pressure on affordability, weakening house price growth. For the nine census divisions, seasonally adjusted monthly price … Continue reading “US Home Prices Rise 0.7% in May FHFA House Price Index Shows, Mountain Division Weakest”

U.S. Pending Home Sales in May Fell to Lowest This Year, Lack of Housing Inventory

US pending home sales fell unexpectedly more by 2.7% month-over-month in May 2023 missing market expectations of a 0.5% fall. Pending home sales were lower in the Midwest (-5.3%), the South (-4.4%) and the West (-6.6%) but rose in the Northeast (12.9%). For perspective year-on-year, pending home sales are down 22.2% year-on-year from May 2022 and marking a 24th straight month of declines.  In March however we saw a resurgence in mortgage rates and a banking crisis which could delay … Continue reading “U.S. Pending Home Sales in May Fell to Lowest This Year, Lack of Housing Inventory”