Posted on 08/29/2023 7:27:26 AM PDT by Kaiser8408a
The US housing market is truly bizarro world! San Francisco and Seattle are down near 10% year-over-year (YoY) while Chicago and Cleveland lead in price gains.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported 0.0% annual change in June, up from a loss of -0.4% in the previous month.
Notice that The Fed’s balance sheet is slowly unwinding (green line) and real weeky “usual” earnings are finally positive after two long years of decline (red line). No growth or loss in home prices at the national level.
How about at the metro level? Chicago, Cleveland, and New York again led the way reporting the highest year-over-year gains among the 20 cities in June. Chicago remained in the top spot with a 4.2% year-over-year price increase, with Cleveland in at number two with a 4.1% increase, and New York held down the third spot with a 3.4% increase. There again was an even split of 10 cities reporting lower prices and those reporting higher prices in the year ending June 2023 versus the year ending May 2023; 13 cities showed price acceleration relative to the previous month.
But The West is where home prices fell and fell hard. The biggest losers were San Francisco (-9.7% YoY) and Seattle (-8.8% YoY). Bubble cities of Phoenix (-7..5% YoY) and Las Vegas (-8.2% YoY) round out the four biggest losers in the nation.
The really interesting chart show the surge in home prices following The Great Recession of 2008 and ensuing financial crisis and post Covid. Of course, the commonality in the surge is the massive expansion of money supply thanks to a hyperactive Federal Reserve.
The puppetmaster of bizarro world? The Federal Reserve!
(Excerpt) Read more at confoundedinterest.net ...
Hmmm...Wonder if there is an inverse correlation between the Home Price Index and if the home’s market is in a sanctuary city? Methinks: Yes.
My sister just put a house on the market in dfw and sold in under 24 hours 10k over asking.
She could have got more.
Homes here in the Hill Country that sold for $75k twenty years ago are going for $1.5M no thanks to the CA invasion.
Who the hell would want to move Shitcago?
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