MetroIntelligence Economic Update by P. DUFFY
New home sales fall 8.1 percent in June and 17.4 percent year-on-year
New home sales of single-family homes fell 8.1% in June and 17.4% year-on-year to an annual rate of 590,000, the lowest since April 2020. Months of supply rose to 9.3 months in June vs. 8.4 in May and 5.8 months in June of 2021. The median sales price fell to $402,400 in June, the lowest since June 2021. The average sales price fell to $456,800, also the lowest since June 2021.
Case-Shiller Index annual gain slows to 19.7 percent in May
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 19.7% annual gain in May, down from 20.6% in the previous month. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.0%.
FHFA House Price Index annual gain slows to 18.3 percent in May
House prices rose nationwide in May, up 1.4 percent from the previous month, according to the latest Federal Housing Finance Agency House Price Index (FHFA HPI®). House prices rose 18.3 percent from May 2021 to May 2022, down from an annual change of 18.8 percent in April.