at Calculated Risk on 11/26/2024 04:03:00 PM
The ICE HPI is a repeat sales index. ICE reports the median price change of the repeat sales.
From Intercontinental Exchange (ICE):
• Home price growth edged slightly higher in October to +3.0% (from +2.9% in September), after easing in each of the previous seven months
• Lower interest rates in August and September combined with weaker Q4 2023 growth numbers cycling out of the 12-month calculation window to cause the slight rise in year-over-year growth
• Annual gains will continue to see upward pressure from Q4 2023 numbers rolling off the books over the next few months, but that annual growth rate should begin to soften again as we move into early 2025, if monthly price gains continue at their current pace
• Rising interest rates in the lead up to, and following, the recent presidential election have led to a modest pull back in demand, which could also lead to softer price gains as we make our way into early 2025