A brief excerpt:
Yesterday, in Part 1: Current State of the Housing Market; Overview for mid-December I reviewed home inventory and sales.
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Other measures of house prices suggest prices will be up further YoY in the October Case-Shiller index. The NAR reported median prices were up 3.4% YoY in October, up from 2.4% YoY in September. ICE / Black Knight reported prices were up 4.6% YoY in October, up from 4.2% YoY in September to new all-time highs, and Freddie Mac reported house prices were up 6.0% YoY in October, up from 5.1% YoY in September – and also to new all-time highs.
Here is a comparison of year-over-year change in the FMHPI, median house prices from the NAR, and the Case-Shiller National index.
The FMHPI and the NAR median prices appear to be leading indicators for Case-Shiller. Based on recent monthly data, and the FMHPI, the YoY change in the Case-Shiller index will increase further in the report for October.
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