House Prices: 7 Years in Purgatory

Today, in the Calculated Risk Real Estate Newsletter: House Prices: 7 Years in Purgatory

A brief excerpt:

However, even in normal times, house prices are not sticky downwards in real terms as this graph shows.

Real House Prices YoYIn the July Case-Shiller report, real prices were only up 5.4% year-over-year (YoY) and will likely be down YoY in real terms later this year.

However, we are already seeing nominal house price declines on a national basis. The Black Knight index (median price of a repeat sales index) was off almost 2% in August, and the CoreLogic repeat sales index for August (a three-month weighted average and not seasonally adjusted, NSA) was off close to 1% in August. And my estimate is the nominal Case-Shiller national index will be off almost 1% in August compared to the peak in June.

There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/

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