New Highs in Miami, Los Angeles, San Diego, Boston, Chicago…
The S&P CoreLogic Case-Shiller Home Price Index, released today and dubbed “March,” is a three-month moving average of home prices whose sales were entered into public records in January, February, and March. So that’s the time-frame we’re looking at here. It reflects Rate-Cut Mania that commenced in November and peaked February 13, when the first of three nasty CPI reports in a row interfered.
During that time, the average 30-year fixed mortgage rate dropped from 7.8% at the end of October to about 6.6% in mid-February. Mortgage rates have since then zigzagged higher, with the daily measure of Mortgage New Daily pegging the average 30-year fixed rate mortgage today at 7.28%.
The 20-City Case-Shiller Home Price Index jumped by 1.6% in “March” (moving average of January, February, and March), from the prior month:
- Month-to-month, prices rose in all 20 metros covered by the index.
- Year-over-year, the 20-City Index was up 7.4%.
- Compared to the previous all-time high of June 2022, the index was up 2.0%.
Prices were below their 2022 highs in 8 of the 20 metros in the Case-Shiller index (month of peak):
- San Francisco Bay Area: -9.7% (May 2022)
- Seattle: -8.2% (May 2022)
- Phoenix: -5.5% (June 2022)
- Portland: -5.4% (May 2022)
- Denver: -5.0% (May 2022)
- Dallas: -4.2% (June 2022)
- Las Vegas: -3.6% (July 2022)
- Tampa: -0.14% (July 2022)…..
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