July 14, 2024

Home Prices – S&P CoreLogic Case-Shiller YEAR-OVER-YEAR 

Home Prices - San Diego 4Br. home for sale

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 14.6% annual gain in April, up from 13.3% in the previous month. The 10-City Composite annual increase came in at 14.4%, up from 12.9% in the previous month. The 20-City Composite posted a 14.9% year-over-year gain, up from 13.4% in the previous month.

Phoenix, San Diego, and Seattle reported the highest year-over-year gains among the 20 cities in April. Phoenix led the way with a 22.3% year-over-year price increase, followed by San Diego with a 21.6% increase and Seattle with a 20.2% increase. All 20 cities reported higher price increases in the year ending April 2021 versus the year ending March 2021.

Home Prices – Other Housing Data

Home Prices

After four straight months of declines, sales of existing homes in June, which make up roughly 90% of the market, rose modestly from May and were 23% higher than a year ago. Inventory levels were down 19% from a year ago, at just a 2.6-month supply nationally, well below the 6-month supply that is considered a healthy balance between buyers and sellers. The median existing-home price was 23% higher than last year at this time, reaching a new record of $363,300.

Sales of new homes, which account for the remaining 10% of the market, did not fare as well. In June, they dropped 7% from May, which was well below expectations and the lowest level since April 2020.

Personally, I think the fact that sales of new homes dropped in June (one of the hottest real estate marketing times) have to be considered as a red flag confirming my prior market call  on June 17, 2001 ( https://brokerforyou.com/brokerforyou/real-estate-market-bust/ ) for the top in the residential real estate market.

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DISCLAIMER: I am not a CPA, attorney, insurance, or financial advisor and the information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, electrical or financial advice. DO NOT make buying or selling decisions based on my posts. If you need ANY professional advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. financial advisor or the appropriate professional for the subject you would like help with. Any use of other media is by fair-use only. This is not an advertisement of property for sale and any mention of properties listed for sale or otherwise shall not be construed as anything other than an opinion for entertainment purposes only. Always talk with your lawyer and accountant prior to making any move in the real estate market.

 

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