October’s Case-Shiller, S&P/CoreLogic Housing report headlines a 19.1% year-on-year bump in housing prices.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 19.1% annual gain in October, down from 19.7% in the previous month. The 10- City Composite annual increase came in at 17.1%, down from 17.9% in the previous month. The 20- City Composite posted an 18.4% year-over-year gain, down from 19.1% in the previous month.
Phoenix, Tampa, and Miami reported the highest year-over-year gains among the 20 cities in October. Phoenix led the way with a 32.3% year-over-year price increase, followed by Tampa with a 28.1% increase and Miami with a 25.7% increase. Six of the 20 cities reported higher price increases in the year ending October 2021 versus the year ending September 2021.
Before seasonal adjustment, the U.S. National Index posted a 0.8% month-over-month increase in October, while the 10-City and 20-City Composites both posted increases of 0.8%. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.0%, and the 10-City and 20-City Composites posted increases of 0.8% and 0.9%, respectively.
In October, 18 of the 20 cities reported increases before seasonal adjustments while all 20 cities reported increases after seasonal adjustments.
What does it mean to the Real Estate sector?
“In October 2021, U.S. home prices moved substantially higher, but at a decelerating rate,” says Craig J. Lazzara, Managing Director at S&P DJI. “The National Composite Index rose 19.1% from year-ago levels, and the 10- and 20-City Composites gained 17.1% and 18.4%, respectively. In all three cases, October’s gains were below September’s, and September’s gains were below August’s. That said, October’s 19.1% gain in the National Composite is the fourth-highest reading in the 34 years covered by our data. (The top three were the three months immediately preceding October.)
“We continue to see very strong growth at the city level. All 20 cities saw price increases in the year ended October 2021. October’s increase ranked in the top quintile of historical experience for 19 cities, and in the top decile for 17 of them. As was the case last month, however, in 14 of 20 cities, prices decelerated – i.e., increased by less in October than they had done in September. “Phoenix’s 32.3% increase led all cities for the 29th consecutive month. Tampa (+28.1%) and Miami (+25.7%) continued in second and third place in October, narrowly edging out Las Vegas, Dallas, and San Diego. Prices were strongest in the South and Southeast (both +24.4%), but every region continued to log double-digit gains.”
Before our take on it, here’s the average home price performance:
Now, as to our take on it?
There’s a sleight-of-hand the FedGov has been playing via the banker cabal that runs the Fed.
If you look at the Monetary base in the H.6 Money Stocks table here, you’ll quickly calculate monetary inflation in the period was about 28.755 percent.
Since we know Housing was up 19.1 and monetary inflation was 28.755, the difference is an actual DEFLATION RATE of perhaps 9.675%.
Which is why a lot of people are confused by gold and silver prices, too. But we’ll skip that because if you believe things are better than last year, you need rehab and not just a sampling of reality-based facts to bring you around.
Write when you get rich,