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S&P CoreLogic Case-Shiller: Home-price gains take a pause

Screenshot 2021 12 01 3.56.36 PMThe heat of home-price increases cooled a bit in September, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which registered a 1.2% seasonally adjusted gain from August and a 19.5% year-over-year increase, compared to August’s 1.4% monthly rise and 19.8% climb on an annual basis.

“If I had to choose only one word to describe September 2021’s housing price data, the word would be ‘deceleration,’” S&P DJI managing director Craig Lazzara said in a press release. “Housing prices continued to show remarkable strength in September, though the pace of price increases declined slightly.”

Home-price gains were broadly distributed, as all 20 cities in the index rose after seasonal adjustments.

Before seasonal adjustment, the the 10-city and 20-city composites posted increases of 0.7% and 0.8%, respectively.

Tampa and Miami, Fla., and Phoenix real estate claimed the largest price gains among the 20 metro areas in the index.

“All 20 cities saw price increases in September, and all 20 cities stand at their all-time highs,” Lazzara added. “September’s price increase ranked in the top quintile of historical experience for all 20 cities and in the top decile for 17 of them. That said, in 14 of 20 cities, prices decelerated — i.e., increased by less in September than in August.”

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From the Boston Globe:

The S&P/Case-Shiller index shows Boston housing prices dropped 1.3 percent in December, from the month before – the smallest price drop of any of the 20 cities monitored by the national index. Since the housing peak in September 2005, home values have fallen about 16 percent in Boston, while places such as Miami and Las Vegas have dropped 40 percent or more, Case said.

Housing prices fell about 15 percent during the state’s last housing crisis in the early 1990s, Case said.

The four-year slide in housing prices, very low mortgage rates, and a new $8,000 federal tax credit has put buyers in the driver’s seat, said Massachusetts Association of Realtors president Gary Rogers, a broker at Re/Max First Realty in Waltham.

“Affordability has improved in Massachusetts, so even when sellers accept a more modest price for their homes, they find their next home to be much more affordable,” Rogers said.

Source: Boston Globe -Real Estate

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