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Housing Market: US: Difference between revisions
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[[Home Sales]] | [[Home Sales]] | ||
== Price Developments == | == House Price Developments == | ||
[[File:Screenshot 2023-08-07 085536.png|center|thumb|841x841px|https://fred.stlouisfed.org/series/CSUSHPINSA]] | [[File:Screenshot 2023-08-07 085536.png|center|thumb|841x841px|https://fred.stlouisfed.org/series/CSUSHPINSA]] | ||
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* Before seasonal adjustment, the U.S. '''National Index posted a 1.2% month-over-month increase in May''', while the 10-City and 20-City Composites both posted increases of 1.5%. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.7%, while the 10-City Composite gained 1.1% and 20-City Composites posted an increase of 1.0%. | * Before seasonal adjustment, the U.S. '''National Index posted a 1.2% month-over-month increase in May''', while the 10-City and 20-City Composites both posted increases of 1.5%. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.7%, while the 10-City Composite gained 1.1% and 20-City Composites posted an increase of 1.0%. | ||
* The S&P CoreLogic Case-Shiller U.S. '''National Home Price NSA Index, reported a -0.5% annual decrease in May''', down from a loss of -0.1% in the previous month. The 10-City Composite showed a decrease of -1.0%, which is a tick up from the -1.1% decrease in the previous month. The 20-City Composite posted a -1.7% year-over-year loss, same as in the previous month. | * The S&P CoreLogic Case-Shiller U.S. '''National Home Price NSA Index, reported a -0.5% annual decrease in May''', down from a loss of -0.1% in the previous month. The 10-City Composite showed a decrease of -1.0%, which is a tick up from the -1.1% decrease in the previous month. The 20-City Composite posted a -1.7% year-over-year loss, same as in the previous month. | ||
== Rent Developments == | |||
=== July 2023 === | |||
July is peak moving season and a month where we typically measure some of the fastest rent growth each calendar year. In pre-pandemic years, '''July rent growth averaged 0.6 percent. But in 2023, July rent growth came in at just 0.3 percent and is trending down for the season'''. This stagnation indicates that the market cooldown that started in the second half of 2022 is continuing, even as prices rise modestly month-over-month.<ref>https://www.apartmentlist.com/research/national-rent-data?utm_source=twitter.com</ref> | |||
* Rents nationally are up 0.3% month-over-month, but are down 0.7% year-over-year. | |||
* Rents increased modestly in July in 71 of the nation’s 100 largest cities, but thanks to sluggish rent growth throughout the past 12 months, prices are down year-over-year in 67 of these 100 cities. | |||
* '''Year-to-date, rents are up by a total of 2.6 percent and are trending slower than every previous year measured by our index''', aside from 2020. From 2017 to 2019, rent growth from January through July averaged 4.3 percent, and during the rapid inflationary period of 2021 and 2022 it averaged 9.4 percent. | |||
* In 2022, our vacancy index inched up an average of 14 basis points per month, but so far in 2023 the average increase has been 20 basis points per month. '''In July, the vacancy rate reached 7.3 percent, surpassing for the first time the pandemic peak set in July 2020. This easing has shown no signs of slowing, and with a record number of multi-family apartment units currently under construction, this vacancy rate will remain elevated in the near future.''' | |||
== References == | == References == | ||