All articles tagged with #case shiller
Denver posts the steepest year-over-year drop in major-metro home values in February (-2.2%), surpassing Tampa (-2.1%), as the Case-Shiller index shows widening weakness beyond the Sun Belt; nationally, single-family prices rose 0.7% YoY but cooled from January, with Seattle and Portland down while Chicago, New York, and Cleveland still show gains, indicating a fragmented nationwide housing slowdown.
U.S. home prices in the 20 biggest metros have risen for the seventh consecutive month, reaching a record high, due to a persistent shortage of properties for sale. The S&P CoreLogic Case-Shiller 20-city house price index increased by 0.2% in September, reaching its highest level since its creation in the late 1980s.
US home prices rose 0.1% in February, marking the first increase in 8 months, due to low inventory and high demand from home-buyers. Despite weakness on the west coast, the housing market is up overall as the southeast continues to see strong gains.
Home prices are declining from last year, but the declines were expected. The surprise is how shallow they've been and how quickly the resilience seems to be stepping in. The most notable factor that will determine the extent of recent resilience is likely the mortgage rate environment, which will depend on the course of inflation and other economic data. Recent banking drama has some investors thinking that inflation could fall back to friendlier levels sooner than expected, but the market needs to see proof in the data before we see bigger changes in rates.