A brief excerpt:
On Friday, in Part 1: Current State of the Housing Market; Overview for mid-May 2024 I reviewed home inventory, housing starts and sales.
In Part 2, I will look at house prices, mortgage rates, rents and more.
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Other measures of house prices suggest prices will be up about the same YoY in the March Case-Shiller index. The NAR reported median prices were up 4.8% YoY in March, up from 5.6% YoY in February. ICE reported prices were up 5.6% YoY in March, down from 6.0% YoY in February, and Freddie Mac reported house prices were up 6.6% YoY in March, up from 6.5% YoY in February.
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 likely be about the same YoY in March as in February.
There is much more in the article.