Excerpt:
Both the Case-Shiller House Price Index (HPI) and the Federal Housing Finance Agency (FHFA) HPI for February 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 “February” is a 3-month average of December, January and February closing prices. December closing prices include some contracts signed in October, so there is a significant lag to this data.
The MoM increase in the seasonally adjusted Case-Shiller National Index was at 0.16%. This increase followed seven consecutive MoM decreases.
On a seasonally adjusted basis, prices declined in 11 of 20 Case-Shiller cities on a month-to-month basis. The largest monthly declines seasonally adjusted were in Seattle (-1.5%), Las Vegas (-0.9%), and Portland (-0.4%). Seasonally adjusted, San Francisco has fallen 13.5% from the peak in May 2022 and Seattle is down 12.8% from the peak. All 20 cities have seen price declines from the recent peak (SA).
