by calculated risk October 31, 2024 11:32:00 AM
In today’s Calculated Risk Real Estate newsletter: The Freddie Mac Home Price Index rose in September. 3.6% increase compared to the previous year
Brief excerpt:
Freddie Mac reported: “National” Home Price Index (FMHPI) On a seasonally adjusted (SA) basis in September, it increased by 0.28% compared to the previous month. On a year-over-year basis, the national FMHPI rose 3.6% YoY in September, up from 4.0% YoY in August. YoY growth peaked at 19.1% in July 2021, and bottomed out this cycle in May 2023 with a 0.9% YoY increase.
As of September, 11 states had rates below their previous peak (on a seasonally adjusted basis). The largest seasonally adjusted declines compared to recent highs were in Florida (-2.2%), Louisiana (-1.8%), Arizona (-1.7%), North Carolina (-1.5), and Arkansas (-1.3%).
For cities (Core Base Statistical Areas, CBSA), the 30 cities with the largest seasonally adjusted declines from their peak are: Austin continues to be the worst performing city. However, 17 of the 30 worst performing cities are now in Florida!
And nine of the 12 worst-performing cities are in Florida.
