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Rare Declines For House Prices In July

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  • Both the FHFA and S&P CoreLogic 20-city measures of house prices surprisingly fell in July, by -0.6% (cons 0.0%) and -0.44% (cons +0.2%) respectively.
  • These are the first declines since May’20 for FHFA and Mar’12 for S&P and finally show a hit on house prices after initial resilience to a slump in sales and mortgage rates most recently hitting 6.27%.
  • That said, prices are still some 40% higher than pre-pandemic levels, bolstering household net wealth considerably in the process.

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  • Both the FHFA and S&P CoreLogic 20-city measures of house prices surprisingly fell in July, by -0.6% (cons 0.0%) and -0.44% (cons +0.2%) respectively.
  • These are the first declines since May’20 for FHFA and Mar’12 for S&P and finally show a hit on house prices after initial resilience to a slump in sales and mortgage rates most recently hitting 6.27%.
  • That said, prices are still some 40% higher than pre-pandemic levels, bolstering household net wealth considerably in the process.