1/3/2023 – MetroIntelligence Economic Update by P. DUFFY
MetroIntelligence Economic Update by P. DUFFY
Pending home sales fall 4.0 percent in November and 37.8 percent year-on-year
The Pending Home Sales Index (PHSI) fell 4.0% to 73.9 in November. Year-over-year, pending transactions dropped by 37.8% to its lowest level since April 2020. The Northeast PHSI slipped 7.9% from last month to 63.3, a drop of 34.9% from November 2021. The Midwest index decreased 6.6% to 77.8 in November, a fall of 31.6% from one year ago. The South PHSI retracted 2.3% to 88.5 in November, fading 38.5% from the prior year. The West index dropped by 0.9% in November to 55.1, retreating 45.7% from November 2021.
https://www.nar.realtor/newsroom/pending-home-sales-slid-4-0-in-november
Case-Shiller Index declines 0.5 percent in October, annual gain falls to 9.2 percent
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 9.2% annual gain in October, down from 10.7% in the previous month. Before seasonal adjustment, the U.S. National Index posted a -0.5% month-over-month decrease in October.
FHFA House Price Index flat in October, annual gain falls to 9.8 percent
House prices were flat nationwide in October, experiencing a 0.0 percent change from the previous month, according to the latest Federal Housing Finance Agency House Price Index (FHFA HPI®). House prices rose 9.8 percent from October 2021 to October 2022. The previously reported 0.1 percent price increase in September 2022 remained unchanged. For the nine census divisions, seasonally adjusted monthly house price changes from September to October 2022 ranged from -0.9 percent in the Pacific division to +1.4 percent in the New England division. The 12-month changes were all positive, ranging from +4.5 percent in the Pacific division to +14.1 percent in the South Atlantic division.