MetroIntelligence Economic Update by P. DUFFY
Pending home sales slip 2.2 percent in November, down 2.7 percent year-on-year
Pending home sales slipped 2.2 percent in November, receding slightly after a previous month of gains, and were down 2.7 percent year-on-year. Each of the four major U.S. regions witnessed contract transactions decline month-over-month. Year-over-year activity mostly retreated too, as three regions reported drops and only the Midwest saw an increase.
Case-Shiller Index annual gain slows to 19.1 percent in October
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 19.1% annual gain in October, down from 19.7% in the previous month. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.0%.
FHFA House Price Index annual gain slows to 17.4 percent in October
House prices rose nationwide in October, up 1.1 percent from the previous month, according to the latest Federal Housing Finance Agency House Price Index (FHFA HPI®). House prices rose 17.4 percent from October 2020 to October 2021. For the nine census divisions, seasonally adjusted monthly house price changes from September 2021 to October 2021 ranged from -0.3 percent in the New England division to +1.7 percent in the East South Central division. The 12-month changes ranged from +13.2 percent in the West North Central division to +23.2 percent in the Mountain division.