Comments on June Case-Shiller and FHFA House Price Increases

by Calculated Risk on 8/30/2022 10:16:00 AM

Today, in the Calculated Risk Real Estate Newsletter: Case-Shiller National House Price Index “Decelerated” to 18.0% year-over-year increase in June


Both the Case-Shiller House Price Index (HPI) and the Federal Housing Finance Agency (FHFA) HPI for June 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 “June” is a 3-month average of April, May and June closing prices. June closing prices include some contracts signed in February, so there is a significant lag to this data.

Case-Shiller MoM House PricesThe MoM increase in Case-Shiller was at 0.33%. This was the smallest MoM increase since June 2020, and since this includes closings in April and May, this suggests price growth stalled in June.

On a seasonally adjusted basis, prices declined in 7 of the 20 Case-Shiller cities: Seattle, San Francisco, San Diego, Portland, Los Angeles, Denver and Washington, DC all saw price declines in the June report.

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