Excerpt:
The recent increase in mortgage rates to over 7% will not impact the Case-Shiller index until reports are released in the Fall.
…
Here is a comparison of year-over-year change in median house prices from the NAR and the year-over-year change in the Case-Shiller index. Median prices are distorted by the mix and repeat sales indexes like Case-Shiller and FHFA are probably better for measuring prices. However, in general, the Case-Shiller index follows the median price.
The median price was up 1.9% year-over-year in July, and, as expected, the Case-Shiller National Index was unchanged year-over-year in the June report – and will likely be up year-over-year in the July report to new all-time highs.
Note: I’ll have more on real prices, price-to-rent and affordability later this week.
