No surprise that when you puff-up the monetary base of a country (by 28%) that inflation will show in housing prices. No, sir. No rocketry school needed for that calc:
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 19.5% annual gain in September, down from 19.8% in the previous month. The 10-City Composite annual increase came in at 17.8%, down from 18.6% in the previous month. The 20- City Composite posted a 19.1% year-over-year gain, down from 19.6% in the previous month.
A little closer-in?
Before seasonal adjustment, the U.S. National Index posted a 1.0% month-over-month increase in September, while the 10-City and 20-City Composites both posted increases of 0.7% and 0.8%, respectively.
After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.2%, and the 10-City and 20-City Composites both posted increases of 0.8% and 1.0%, respectively. In September, 19 of the 20 cities reported increases before seasonal adjustments while all 20 cities reported increases after seasonal adjustments.
One way to look at the data?
“If I had to choose only one word to describe September 2021’s housing price data, the word would be ‘deceleration,’ says Craig J. Lazzara, Managing Director at S&P DJI. “Housing prices continued to show
remarkable strength in September, though the pace of price increases declined slightly.The National Composite Index rose 19.5% from year-ago levels, with the 10- and 20-City Composites up 17.8% and
19.1%, respectively. This month, however, the rate of price growth began to decline, as each of our three composites rose less in September than in August.”
Doesn’t stop prices from being too high for most folks, though.
The next economic ditch to stay out of will be the employment figures. Which begin to roll tomorrow, so drop by the Peoplenomics.com website for that…