Posted on 11/28/2023 8:28:22 AM PST by Kaiser8408a
Detroit?? Or Devil With A Blue Dress??
Home prices in America’s 20 largest cities rose for the 7th straight month in September (the latest data released by S&P Global Case-Shiller today), up 0.67% MoM (slightly worse than the +0.8% MoM expected).
That pushed the YoY rise in prices up 3.92% – the fastest pace since Dec ’22 – but as the chart shows the MoM gains are slowing rapidly.
Source: Bloomberg
“On a year-over-year basis, the three best-performing metropolitan areas in September were Detroit (+6.7%), San Diego (+6.5%), and New York (+6.3%),” according to Craig J. Lazzara, Managing Director at S&P DJI.
“We’ve commented before on the breadth of the housing market’s strength, which continued to be impressive. On a seasonally adjusted basis, all 20 cities showed price increases in September”
But, judging by the resumption of the rise of mortgage rates since the Case-Shiller data was created, we would expect prices to also resume their decline…
Source: Bloomberg
Inventory is increasing (as homebuilders dump new homes on to the market), but existing home-buyers and -sellers are stuck still (affordability for the former and the mortgage cost gap for the latter), and – despite the market’s hopes – The Fed isn’t cutting rates any time soon (unless the economy utterly collapses). Be careful what you wish for…
Odd that 4 metro areas with 6% or higher home price growth are all cities with larger illegal immigrant migration: Chicago, Detroit, New York and San Diego (all blue cities). This is what is called housing displacement, A surge in immigration leads to rent stock being absorbed and housing prices rising.
(Excerpt) Read more at confoundedinterest.net ...
I live in a smallish town in the south and the invasion from the south + Haiti and Africa have caused home prices here to triple in 3 years and rentals are unobtainium
???????
I just read am article earlier today that said home prices were down 19%!!!!
WTF
Wait a minute. There have been at least two article in these pages saying home prices have fallen 17 to 18%.
And an earlier post stated home prices have dropped 18% which is worse than the 2008 crash.
https://freerepublic.com/focus/f-bloggers/4199674/posts
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