by Risk calculated on 04/10/2022 13:08:00
Today, in the Calculated Risk Real Estate Newsletter: House prices: 7 years of purgatory
A brief excerpt:
However, even in normal times, house prices are not rigidly downward in real terms, as this chart shows.
In the July Case-Shiller Reportreal prices were up only 5.4% year-on-year (YoY) and will likely be down in real terms later this year.
However, we are already seeing a decline in nominal home prices nationwide. The Dark Knight Clue (median price of a repeat sales index) fell nearly 2% in August, and the CoreLogic Repeat Sales Index for August (three-month weighted average and not seasonally adjusted, NSA) was down almost 1% in August. And my estimate is that the nominal national Case-Shiller index will be down almost 1% in August from the peak in June.
There is a lot more in the article. You can register on https://calculatedrisk.substack.com/