The most recent Case-Shiller House Price Index (HPI) revealed a seasonally adjusted monthly decrease of -0.76% in September, though the Federal Housing Finance Agency (FHFA) HPI posted a 0.1% gain in September, according to the CalculatedRisk Newsletter.
On a seasonally adjusted basis, home prices fell in every city tracked by the Case-Shiller index on a month-to-month basis, but the largest monthly declines were in San Francisco, Phoenix, and Las Vegas, where prices fell by -2.2%, -2.1%, and -2.1%, respectively.
The Case-Shiller Home Price Indices for “September” is a 3-month average of July, August and September closing prices. July closing prices include some contracts signed in May, so there is a significant lag to this data.
The MoM decrease in Case-Shiller was at -0.76% seasonally adjusted. This was the third consecutive MoM decrease, and slightly less than the decrease last month. This suggests prices fell sharply for September closings.
Advertisement
Related Stories
Affordability
The Disappearing Act That Is Middle-Income Housing
An expert weighs in on the diminishing supply of middle-income housing, which is particularly acute in California, and what to do about it
Market Data + Trends
A Look at Homeownership Rates Across the Nation
Data for homeownership rates in the 100 largest US cities show Port St. Lucie, Fla., in the top spot, while West Virginia is the state with the most homeowners
Housing Markets
4 Cities Where Housing Inventory Now Exceeds Pre-Pandemic Levels
San Antonio leads with the greatest surge in the number of homes available post-pandemic
