Through July 2022 with Forecasts through July 2023

Introduction

The CoreLogic Home Price Insights report features an interactive view of our Home Price Index product with analysis through July 2022 with forecasts through July 2023.

CoreLogic HPI™ is designed to provide an early indication of home price trends. The indexes are fully revised with each release and employ techniques to signal turning points sooner. CoreLogic HPI Forecasts™ (with a 30-year forecast horizon), project CoreLogic HPI levels for two tiers—Single-Family Combined (both Attached and Detached) and Single-Family Combined excluding distressed sales.

The report is published monthly with coverage at the national, state and Core Based Statistical Area (CBSA)/Metro level and includes home price indices (including distressed sales); home price forecast and market condition indicators. The data incorporates more than 40 years of repeat-sales transactions for analyzing home price trends.

HPI National Change

July 2022 National Home Prices

Home prices nationwide, including distressed sales, increased year over year by 15.8% in July 2022 compared with July 2021. On a month-over-month basis, home prices declined by 0.3% in July 2022 compared with June 2022 (revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results).

Forecast Prices Nationally

The CoreLogic HPI Forecast indicates that home prices will increase on a month-over-month basis by 0.3% from July 2022 to August 2022 and on a year-over-year basis by 3.8% from July 2022 to July 2023.

HPI & Case-Shiller Trends

This graph shows a comparison of the national year-over-year percent change for the CoreLogic HPI and CoreLogic Case-Shiller Index from 2000 to present month with forecasts one year into the future. We note that both the CoreLogic HPI Single Family Combined tier and the CoreLogic Case-Shiller Index are posting positive, but moderating year-over-year percent changes, and forecasting gains for the next year.

Housing Market Showing Signs of Better Balance

Annual home price growth slowed for the third consecutive month in July but remained elevated at 15.8%. As 30-year, fixed-rate mortgages neared 6% this summer, some prospective homebuyers pulled back, helping ease overheated and unsustainable price growth. Notably, home prices declined by 0.3% from June to July, a trend not seen between 2010 and 2019, when price increases averaged 0.5% between those two months, according to CoreLogic’s historic data. Looking ahead, CoreLogic expects to see a more balanced housing market, with year-over-year appreciation slowing to 3.8% by July 2023.

“Following June’s surge in mortgage rates and the resulting dampening effect on housing demand, price growth is taking a decisive turn. And even though annual price growth remains in double digits, the month-over-month decline suggests further deceleration on the horizon. The higher cost of homeownership has clearly eroded affordability, as inflation-adjusted monthly mortgage expenses are now even higher than they were at their former peak in 2006.”

– Selma Hepp 
Interim Lead, Deputy Chief Economist for CoreLogic

HPI National and State Maps – July 2022

The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states.

Nationally, home prices increased 15.8% year over year in July. No states posted an annual decline in home prices. The states with the highest increases year over year were Florida (29.6%), South Dakota (23.7%) and Tennessee (23.2%).

HPI Top 10 Metros Change

The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states.

These large cities continued to experience price increases in July, with Miami on top at 27.1% year over year.

Markets to Watch: Top Markets at Risk of Home Price Decline

The CoreLogic Market Risk Indicator (MRI), a monthly update of the overall health of housing markets across the country, predicts that Bremerton-Silverdale, WA is at a very high risk (70%-plus probability) of a decline in home prices over the next 12 months. Crestview-Fort Walton Beach-Destin, FL; Bellingham, WA; Reno, NV and Boise City, ID are also at very high risk for price declines.  

Summary

CoreLogic HPI features deep, broad coverage, including non-disclosure state data. The index is built from industry-leading real-estate public record, servicing, and securities databases—including more than 40 years of repeat-sales transaction data—and all undergo strict pre-boarding assessment and normalization processes.

CoreLogic HPI and HPI Forecasts both provide multi-tier market evaluations based on price, time between sales, property type, loan type (conforming vs. non-conforming) and distressed sales, helping clients hone in on price movements in specific market segments.

Updated monthly, the index is the fastest home-price valuation information in the industry—complete home-price index datasets five weeks after month’s end. The Index is completely refreshed each month—all pricing history from 1976 to the current month—to provide the most up-to-date, accurate indication of home-price movements available.

Methodology

The CoreLogic HPI^™ is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 40 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the “Single-Family Combined” tier, representing the most comprehensive set of properties, including all sales for single-family attached and single-family detached properties. The indices are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states.

CoreLogic HPI Forecasts^™ are based on a two-stage, error-correction econometric model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a 30-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers — “Single-Family Combined” (both attached and detached) and “Single-Family Combined Excluding Distressed Sales.” As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, metropolitan areas and ZIP Code levels. The forecast accuracy represents a 95% statistical confidence interval with a +/- 2% margin of error for the index.

About Market Risk Indicator

Market Risk Indicators are a subscription-based analytics solution that provide monthly updates on the overall “health” of housing markets across the country. CoreLogic data scientists combine world-class analytics with detailed economic and housing data to help determine the likelihood of a housing bubble burst in 392 major metros and all 50 states. Market Risk Indicators is a multi-phase regression model that provides a probability score (from 1 to 100) on the likelihood of two scenarios per metro: a >10% price reduction and a ≤ 10% price reduction. The higher the score, the higher the risk of a price reduction. 

Source: CoreLogic
The data provided are for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be resold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website.

For questions, analysis or interpretation of the data, contact Robin Wachner at  newsmedia@corelogic.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. The data are compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

About CoreLogic

CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

CORELOGIC, the CoreLogic logo, CoreLogic HPI, CoreLogic HPI Forecast and HPI are trademarks of CoreLogic, Inc. and/or its subsidiaries.

For More Information
Please email newsmedia@corelogic.com.

New York’s eviction moratorium will not be extended after it expires this weekend, Gov. Kathy Hochul announced Tuesday. In the meantime, the state’s rent-relief portal will be reopened to give aid to New Yorkers facing eviction. The freeze on evictions was established at the beginning of the Covid pandemic by former Gov. Andrew Cuomo to give relief to struggling New Yorkers. Over the past two years, it has been extended multiple times, with Hochul extending it to January 15 during her first week in office.

“We talked about giving people a little more breathing room, giving them just a little more relief on a short-term basis, and that went all the way to January 15,” Hochul said on Tuesday. “That was something no other state has done to my knowledge, and what we want to do is let people know that that is concluding very shortly.”

The ending of New York’s eviction moratorium comes after months of legal struggles between the federal government and New York. Last August, the Supreme Court partially blocked New York’s eviction moratorium claiming that the ban was unconstitutional because landlords had no way to challenge their tenant’s claims. When Hochul extended the ban in September, the original moratorium was altered to allow landlords to challenge their tenant’s claims in court.

Offering struggling New Yorkers an alternative, Hochul brought up the idea of reopening the rent-relief portal, which would give New Yorkers facing eviction the opportunity to have their eviction proceedings halted temporarily. “There is another option, which is reopening the portal. This is going to have the same effect in terms of allowing people to take advantage of a situation if they’re not able to pay their rent. They can have a cessation of the eviction proceedings for the time being.”

With the expiration of the moratorium closing in, tenant advocates have focused their attention on pushing for the passage of the good cause eviction bill, which would ban landlords from denying tenants a lease renewal without sufficient reasoning. The bill also guarantees tenants protection from eviction if their landlords increase their rent by 3 percent or by 150 percent of the Consumer Price Index.

In October of 2021, the federal government said that it would be reallocating unused funds from its first $25 billion allocation for emergency rental assistance and would be taking requests from states who needed a portion of it. In November, the state requested $1 billion in supplemental funding from the Department of Treasury to help residents facing eviction but received only $27 million this week.

“The federal government said that they were going to set aside money from other states that didn’t use it. We asked the Department of Treasury for over $978 million of that money to come to New York to help our backlog because by then we had probably $1 billion dollars worth of claims,” Hochul said. “That money, despite our efforts, resulted in $27 million dollars this week.”

Joseph Strasburg, the president of the Rent Stabilization Association, a group representing 25,000 owners of rent-stabilized apartments in the city, encouraged the end of the moratorium.

“The rolling eviction moratorium, now going on nearly two years, was intended as a temporary emergency response, and not as a long-term, sustainable solution,” Strasburg said. “The state of emergency was lifted last June, tenants have received billions of dollars in rent relief and other federal and state assistance, and despite COVID variants, the economy continues to rebound with millions of job openings still waiting to be filled. It’s time to end the eviction moratorium and put an end to tenants skipping the rent because there are no repercussions for not paying.”

In his statement, Strasburg mentioned that despite the eviction moratorium coming to an end, New Yorkers facing eviction in the face of Covid-related financial struggles are protected by the Tenant Safe Harbor A

read more…

6sqft.com

Although NAR’s third quarter report showcases price increases across the board, the rate at which they are climbing has slowed.

Median sales prices rose for existing single-family homes in all but one of 183 measured markets in the third quarter of 2021, according to the latest quarterly report from the National Association of Realtors.

The report also found that 78% of the 183 markets experienced double-digit year-over-year price increases, a decrease from 94% in the prior quarter, and three metro areas saw price gains of over 30% from one year ago, also fewer than the number in the previous quarter.

The median sales price of single-family existing homes climbed 16% from one year ago to $363,700, a slower pace in comparison to the preceding quarter at 22.9%. All four major regions had double-digit year-over-year price growth, led by the Northeast at 17.5%, followed by the South at 14.9%, the Midwest at 10.7%, and the West at 10.3%.

“Home prices are continuing to move upward, but the rate at which they ascended slowed in the third quarter,” says Lawrence Yun, NAR chief economist. “I expect more homes to hit the market as early as next year, and that additional inventory, combined with higher mortgage rates, should markedly reduce the speed of price increases.”

The markets with the highest year-over-year price gains were: Austin-Round Rock, Texas; Naples-Immokalee-Marco Island, Florida; Boise-Nampa, Idaho; Ocala, Florida; Punta Gorda, Florida; Salt Lake City; Phoenix; Sebastian-Vero Beach, Florida; Port St. Lucie, Florida; and New York-Jersey City-White Plains, New Jersey.

The most expensive markets in the third quarter were San Jose-Sunnyvale-Santa Clara, California; San Francisco; Anaheim-Santa Ana-Irvine, California; Honolulu; Los Angeles; San Diego; Boulder, Colorado; Seattle; Bridgeport-Stamford-Norwalk, Connecticut; and Boston.

“While buyer bidding wars lessened in the third quarter compared to early 2021, consumers still faced stiff competition for homes located in the top 10 markets,” continues Yun. “Most properties were only on the market for a few days before being listed as under contract.”

In the third quarter, the average monthly mortgage payment on an existing single-family home financed with a 30-year fixed-rate loan and 20% down payment rose to $1,214, an increase of $156 from one year ago.

Among all home buyers, the monthly mortgage payment as a share of the median family income increased to 16.6%, up from 14.9% a year ago. For first-time buyers, the typical mortgage payment on a 10% down payment loan increased to 25.2% of the median family income, up from 22.6% a year ago.

A family typically needed an income of more than $100,000 to affordably pay a 10% down payment mortgage in 17 markets, matching the prior quarter. In 83 markets, a family typically needed an income of less than $50,000 to afford a home, down from 85 markets in the prior quarter.

“For the third quarter—and for 2021 as a whole—home affordability declined for many potential buyers,” says Yun. “While the higher prices made it extremely difficult for typical families to afford a home, in some cases the historically low mortgage rates helped offset the asking price.”

read more…

builderonline.com/money/prices/

Fannie Mae’s HPSI sees “good time to buy” sentiment drop to survey low

Homebuyers are feeling pretty discouraged by the housing market these days. The latest Fannie Mae Home Purchase Sentiment Index shows that just 35% of consumers believe now is a good time to buy a home, down from 47% in April. And those who believe it is a bad time to be a homebuyer increased to 56% from 48%.

“Consumers appear to be acutely aware of higher home prices and the low supply of homes, the two reasons cited most frequently for that particular sentiment,” said Doug Duncan, senior vice president and chief economist at Fannie Mae.

“However, despite the challenging buying conditions, consumers do appear more intent to purchase on their next move, a preference that may be supported by the expectation of continued low mortgage rates, as well as the elevated savings rate during the pandemic, which may have allowed many to afford a down payment,” Duncan said.

Though low inventory, bidding wars and high prices have knocked down homebuyer sentiment, other factors, such as a rebounding economy and stable income levels, pushed the overall HSPI index up one point to 80 in May.

In fact, four of the HPSI’s six components measuring market expectations increased month over month. The HPSI is still 12.5 points higher than it was in May 2020, when forbearance and unemployment heavily weighed down consumer sentiment.

Because the housing market feels very much like a zero sum game at this point, sellers again felt good about their position. Just over two-thirds of those surveyed in June said it was a prime time to list a home and tempt the swarms of homebuyers, unchanged from the prior month.

Respondents also remained virtually unaltered on how much homes will actually cost. The percentage of respondents who say home prices will go up in the next 12 months decreased from 49% to 47%, while the percentage who say home prices will go down remained unchanged at 17%. The share who think home prices will stay the same increased from 27% to 29%.

Mortgage rate expectations changed a bit in May for prospective homebuyers and sellers: The percentage who expect mortgage rates to go up decreased from 54% to 49% while the share of those who think mortgage rates will stay the same increased from 33% to 38%. The remaining 6% are hopeful they may slide back down.

Since rates have fallen back below 3% once again, Fannie Mae’s economic and strategic group revised its expectations for purchase and refinance volume. The economic group cut $43 billion from its 2021 purchase volume forecast; it now estimates that purchase mortgages will hit $1.8 trillion by year’s end.

Because record low mortgage rates fueled the refinance wave of 2020’s housing market, Fannie Mae also revised its refi origination volume to $2.2 trillion in 2021, an increase of $125 billion from the previous month’s forecast.

Borrowers who aren’t stuffing their pockets full of refi savings may be making it up on the job market. The percentage of respondents who say their household income is significantly higher than it was 12 months ago increased from 21% to 29%, while the percentage who say their household income is significantly lower decreased from 17% to 13%. To top it off, the percentage of respondents who say they are not concerned about losing their job in the next 12 months increased from 80% to 87%.

read more…

housingwire.com/articles/

Fiberglass remains the most popular insulation choice among home builders, with better than a 50% market share according to some studies. The advantages are compelling: competitive cost and a ready installer base. But like any fiber insulation, the performance of fiberglass depends on the quality of the installation job. Well-installed fiberglass is as effective as any insulation, R-value being equal, while poorly installed fiberglass underperforms its promised R-value rating. So it’s up to the builder to ensure a quality job.

Fiberglass gets its insulating quality not from the fiberglass itself but from the air that is trapped between the fibers. Wind pressure or even convective air pressures can make that air move, degrading the thermal performance of the batt. So to be effective, fiberglass has to be protected against air pressures. There’s a simple rule that’s not always followed: Align the air pressure boundary of the building with its thermal boundary. In practice, that means that fiberglass batts need to be installed in walls so that the batt is in full contact with the wall sheathing on the outboard side and with the drywall on the inboard side. The batts also have to be in full contact with the studs on either side of the stud cavity.

Housewrap on the wall is critical to the performance of this assembly. Wind blowing into the wall through cracks and crevices can degrade the performance of the insulation by 50% or more. Well-installed housewrap prevents this air intrusion and allows the insulation to perform at its rated value.

In the fast-moving world of the job site, insulation installers are under pressure to make time. The task often is not thought of as a craft where quality matters. But in fact, the insulation installer’s job is significant in the overall performance of the finished house, and there is skill involved. Insulation workers should be trained and supervised to do a quality job.

Batts should be carefully fit to the space. If the stud spacing varies from the standard 16-inch or 2-foot spacing, the batts should be trimmed to fit snugly, rather than jammed into the space. Batts should be cut around obstructions such as outlets or switch boxes. Where wiring interferes with the placement of the batt, the batt should be split and carefully fit around the wires. To make sure the batt is in contact with the wall sheathing, the installer should push the batt back against the sheathing, then pull the face side out from the wall to fluff the material up.

A Complete Air Barrier

To be effective, a home’s air barrier should be continuous and complete. This isn’t too hard to accomplish for most areas of the house, but there are locations in the building envelope where air barrier assemblies are sometimes neglected. These elements are called out in the Energy Star program’s Thermal Bypass Checklist. (See also the EPA’s Thermal Bypass Checklist Guide for detailed instruction on completing the checklist.)

Click to enlarge

One example is the location where a tub or shower unit is placed against an exterior wall. It’s common for the wall to be insulated, then the tub to be set without the wall being drywalled first. This results in the insulation being exposed to the air behind the tub, rather than protected and supported. To satisfy the Thermal Bypass Checklist, that wall should be drywalled or otherwise covered with a rigid sheet material before the tub is installed.

Fireplaces are similar to tubs and showers: They are often set against an insulated wall that hasn’t been drywalled. Here again, the Thermal Bypass Checklist calls for that wall to be covered with a rigid material that will resist airflow and support the insulation.

Another example is the wall between an unconditioned attached garage and the conditioned part of the house. While the garage wall may be drywalled, it’s often the case that the wall above the garage ceiling is left with exposed insulation. To satisfy the checklist, the interface between the house and the unconditioned space should be covered with a rigid airtight material.

Similarly, builders sometimes attach porch roofs to the main house without first sheathing the exterior wall, potentially leaving insulation exposed to the unconditioned air under the roof. To satisfy the checklist, this juncture must be protected with an air barrier material. The simplest way to accomplish this is just to sheathe the house wall before attaching the porch.

The Importance of the Stack Effect

Air movement through an air barrier requires a pressure difference and a hole for the air to move through. In cold climates, one of the important sources of pressure difference is the stack effect. Heated air in the building has a tendency to rise, creating a negative (outdoor to indoor) pressure at the bottom of the house and a positive (indoor to outdoor) pressure at the top of the house. There’s nothing you can do to prevent stack pressure from occurring. So to address the air leakage, the strategy is to seal up the holes.

In practical terms, this means that the priority air leaks in a two-story or higher house are the lowest and the highest holes in the air barrier. Pay special attention to low leak points such as the first-floor band joist area, and to high leak points such as the second-floor ceiling. Time spent sealing up attic locations such as can light penetrations, duct registers, and wall top plates will pay off in performance during cold weather.

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builderonline.com/building/building-science/

WASHINGTON (AP) — Construction of new U.S. homes surged 22.6% last month as homebuilders bounced back from a lull induced by the coronavirus pandemic.

The Commerce Department reported Tuesday that new homes were started an annual pace of nearly 1.5 million in July, highest since February and well above what economists were expecting. Housing starts have now risen three straight months after plunging in March and April as the virus outbreak paralyzed the American economy. Last month’s pace of construction was 23.4% above July 2019’s.

“U.S. housing starts blew the roof off of expectations in July … …. these are the kind of gains seen after storms/hurricanes,” Jennifer Lee, senior economist at BMO Capital Markets, wrote in a research note. Strong demand and limited supply drove builders to break ground.

The big gains came from the construction of apartments and condominiums, which soared 56.7%. But single-family home construction ticked up, too, by 8.2%.

Construction rose all over — 35.3% in the Northeast, 33.2% in the South, 5.8% in both the Midwest and the West.

Applications for building permits, a good indication of future activity, jumped 18.8% from June to an annual rate of 1.5 million, highest since January and up 9.4% from July 2019.

The National Association of Home Builders reported Monday that builders’ confidence this month matched the record high first reached in December 1998. “Strong demand and a record level of homebuilder confidence will support housing starts in the second half of 2020,” economists Nancy Vanden Houten and Gregory Daco of Oxford Economics wrote.

But they warned that Congress’ failure to approve another rescue package could take a toll on the economy. “The still-widespread coronavirus and an economy struggling to recover without fiscal support may limit the upside” for the housing industry, they wrote.

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With today’s release of the April S&P/Case-Shiller Home Price Index, we learned that seasonally adjusted home prices for the benchmark 20-city index were up 0.33% month over month which is cut to 0.16% with inflation adjustment. The nonseasonally adjusted index was up 4.0% year-over-year.

Investing.com had forecast a 0.5% MoM seasonally adjusted increase and 4.0% YoY nonseasonally adjusted for the 20-city series.

Here is the analysis from today’s Standard & Poor’s press release:

“April’s housing price data continue to be remarkably stable,” says Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. “The National Composite Index rose by 4.7% in April 2020, with comparable growth in the 10- and 20-City Composites (up 3.4% and 4.0%, respectively). In all three cases, April’s year-over-year gains were ahead of March’s, continuing a trend of gently accelerating home prices that began last fall. Results in April continued to be broad-based. Prices rose in each of the 19 cities for which we have reported data, and price increases accelerated in 12 cities.

“As was the case in March, we have data from only 19 cities this month, since transactions records for Wayne County, Michigan (in the Detroit metropolitan area) continue to be unavailable. This is, so far, the only directly visible impact of COVID-19 on the S&P CoreLogic Case-Shiller Indices. The price trend that was in place pre-pandemic seems so far to be undisturbed, at least at the national level. Indeed, prices in 12 of the 20 cities in our survey were at an all-time high in April.

“Among the cities, Phoenix retains the top spot for the 11th consecutive month, with a gain of 8.8% for April. Home prices in Seattle rose by 7.3%, followed by increases in Minneapolis (6.4%) and Cleveland (6.0%). Prices were particularly strong in the West and Southeast, and comparatively weak in the Northeast.” [Read more]

The chart below is an overlay of the Case-Shiller 10- and 20-City Composite Indexes along with the national index since 1987, the first year that the 10-City Composite was tracked. Note that the 20-City, which is probably the most closely watched of the three, dates from 2000. We’ve used the seasonally adjusted data for this illustration.

The next chart shows the year-over-year Case-Shiller series, again using the seasonally adjusted data.

Here is the same year-over-year overlay adjusted for inflation with the Consumer Price Index owners’ equivalent rent of residences.

For a long-term perspective on home prices, here is a look at the seasonally and inflation-adjusted Case-Shiller price index from 1953, the first year that monthly data is available. Because the CPI owners’ equivalent rent of residences didn’t start until 1983, we’ve used the broader seasonally adjusted Consumer Price Index.

To get an even better idea of the trend in housing prices over long time periods, we compare the change in the seasonally-adjusted Case-Shiller Home Price Index and the Consumer Price Index since 1953.

For additional perspectives on residential real estate, here is the complete list of our monthly updates:

• S&P/Case-Shiller Home Price Index
• FHFA House Price Index
• NAHB Housing Market Index
• New Home Sales
• Existing Home Sales
• New Residential Housing Starts
• New Residential Building Permits
• Secular Trends in Permits and Starts
• Pending Home Sales

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