by Risk calculated on 01/03/2023 10:53:00
Today, in the Calculated Risk Real Estate Newsletter: Freddie Mac’s house price index drops for 7th consecutive month in January
A brief excerpt:
Freddie Mac reported that his “National” House Price Index (FMHPI) declined for the seventh consecutive month on a seasonally adjusted basis in January, pushing the national IMFPS down 2.7% from its June 2022 peak and 5.3% unadjusted (NSA) from the peak.
On an annual basis, the national FMHPI rose 2.4% in January, compared to 4.4% year-on-year in December. The year-on-year increase peaked at 19.2% in July 2021.
In January, 37 states and DC were below their seasonally adjusted 2022 highs. The largest seasonally adjusted declines from the recent peak were recorded in Idaho (-9.6%), Arizona (-8.3%), DC (-7.3%), Washington (-7. .2%), in Nevada (-7.2%), in California (-6.6%). %), Utah (-6.5%) and Colorado (-5.8%).
…
The FMHPI and NAR median prices appear to be leading indicators for Case-Shiller, and based on the recent trend, the FMHPI will be negative year-over-year in March (reported at the end of April) – and Case-Shiller will follow soon after.
There is a lot more in the article. You can register on https://calculatedrisk.substack.com/