Over the last few years, our Case-Shiller Index has dropped off towards the end of the year – but it has rebounded this year to make up for the Dip of 2H2018.
San Diego Non-Seasonally-Adjusted CSI changes:
Observation Month |
SD CSI |
M-o-M chg |
Y-o-Y chg |
January ’18 |
248.16 |
+0.8% |
+7.3% |
February |
250.91 |
+1.1% |
+7.5% |
March |
253.41 |
+1.0% |
+7.6% |
April |
255.63 |
+0.9% |
+7.7% |
May |
257.07 |
+0.6% |
+7.3% |
Jun |
258.44 |
+0.6% |
+6.9% |
Jul |
258.49 |
0.0% |
+6.2% |
Aug |
257.32 |
-0.5% |
+4.7% |
Sept |
256.13 |
-0.4% |
+3.9% |
Oct |
255.26 |
-0.1% |
+3.7% |
Nov |
253.37 |
-0.6% |
+3.3% |
Dec |
251.68 |
-0.7% |
+2.3% |
January ’19 |
251.30 |
-0.2% |
+1.3% |
Feb |
253.69 |
+0.9% |
+1.1% |
Mar |
256.44 |
+1.1% |
+1.2% |
Apr |
257.63 |
+0.5% |
+0.8% |
May |
260.08 |
+1.0% |
+1.2% |
June |
261.82 |
+0.7% |
+1.3% |
Frank says there is renewed activity in real estate:
Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!
the graph is not translating to my mobile device. I only see half of the chart in vertical orientation. Even when I rotate to sideways orientation I still don’t see the whole chart.
It’s Fred’s fault.
According to Ralph McLaughlin, CoreLogic deputy chief economist and executive of Research and Insights, there is the potential for prices to reignite, especially if low mortgage rates remain the trend. The average 30-year fixed rate slid to 3.55 percent, down from 4.51 percent this time in 2018, Freddie Mac recently reported.
“While falling mortgage rates have thus far only led to an increase in refinancing, rather than purchase activity, there will undoubtedly be a large boon to the marginal homebuyer,” McLaughlin says. “Thus, we should expect the lengthy slowdown in home price growth to flatten or even tick upwards by the end of the year, assuming the U.S. economy avoids any present-day threats of a recession.”
According to Lawrence Yun, chief economist at the National Association of REALTORS®, there is a high likelihood for prices to strengthen. In July, the existing-home median price was $280,800, an increase of 4.3 percent year-over-year.
“Though showing mild deceleration in price growth, it is worth noting that this index is a bit of a lagging indicator, with the latest data reflecting what happened in April, May and June,” says Yun. “The figure is likely to show reacceleration in home price gains in the upcoming months, as the market has been shifting towards higher demand due to lower mortgage rates and reduced supply as home builders constructed fewer homes this year compared to the last year.”