at Calculated Risk on 9/30/2024 02:17:00 PM
Today, in the Calculated Risk Real Estate Newsletter: Freddie Mac House Price Index Increased Slightly in August; Up 3.7% Year-over-year
A letter excerpt:
Freddie Mac reported that its “National” Home Price Index (FMHPI) increased 0.11% month-over-month on a seasonally adjusted (SA) basis in August. On a year-over-year basis, the National FMHPI was up 3.7% in August, down from up 4.5% YoY in July. The YoY increase peaked at 19.1% in July 2021, and for this cycle, bottomed at up 0.9% YoY in May 2023. …
Over the last 6 months, the seasonally adjusted index has increased at a 1.5% annual rate
…As of August, 15 states and DC were below their previous peaks, Seasonally Adjusted. The largest seasonally adjusted declines from the recent peak were in Louisiana (-2.5%), Arkansas (-2.1%), DC (-2.0), Florida (-1.9%), Texas (-1.5%), and Idaho (-1.1 %).
For cities (Core-based Statistical Areas, CBSA), here are the 30 cities with the largest declines from the peak, seasonally adjusted. Austin continues to be the worst performing city. However, 11 of the 30 worst performing cities are now in Florida!