Annual price increases in
September were quite literally off the charts. Both the S&P CoreLogic
Case-Shiller National Index and the Housing Market Index from the Federal
Housing Finance Agency (FHFA) recorded annual appreciation of at least 7
percent. The Case-Shiller National
Index, which covers all nine U.S. census divisions, reported a 7.0 percent
annual gain in September, up from the August increase of 5.8 percent.   The
National Index posted 1.2 percent month-over-month growth before seasonal adjustment
and 1.4 percent afterward. As has been the case since the beginning of the pandemic,
housing data from Wayne County, Michigan where Detroit is located has been
insufficient to include the city in the indices. The 10-City Composite annual
increase came in at 6.2 percent and the 20 City at 6.6 percent. The two
composites had appreciated in August by 4.9 percent and 5.3 percent,
respectively. On a monthly basis the 10-City increased 1.3 percent before
adjustment and 1.2 percent afterward, while the 20 City’s gains were the reverse,
rising 1.2 percent before adjustment and 1.3 percent afterward. In September,
all 19 cities (excluding Detroit) reported increases before and after seasonal


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