The rapid slowdown in US home price appreciation is accelerating with Case-Shiller reporting a 5.15% YoY gain in September – the weakest since Nov 2016.
Missing expectations for the 3rd month in a row (5.15% vs 5.20%) and slowing for the 6th month in a row, the US housing market is suffering…
Perhaps of most note, the index of home prices actually declined MoM – the biggest drop since Jan 2016…
All 20 cities in the index showed year-over-year gains:
Led by a 13.5 percent increase in Las Vegas and 9.9 percent in San Francisco.
Prices in Seattle fell 0.3 percent from the prior month; annual gains have slowed to 8.4 percent from double digits earlier this year. San Diego was the only other city to record a monthly drop, at 0.1 percent.
New York, hit by new federal limits on mortgage and property-tax deductions, had the weakest annual price gain at 2.6 percent, while Washington was second-lowest at 2.9 percent.
Even more notable is the collapse in condo sales in LA, Chicago, and New York (-22%, 24%, and -17% YoY respectively)
Finally, much like NAR did this month, even the establishment hopefuls are admitting defeat…
“Home prices plus data on house sales and construction confirm the slowdown in housing,” David Blitzer, chairman of the S&P index committee, said in a statement.
Realtors, academics, and bullish shareholders are now joining the chorus of Trump demanding Powell put a hold on rate hikes.
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