No Surprise in Housing Data

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Just out from Case-Shiller/S&P/CoreLogic:

“YEAR-OVER-YEAR
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 19.8% annual gain in August, remaining the same as the previous month. The 10- City Composite annual increase came in at 18.6%, down from 19.2% in the previous month. The 20-
City Composite posted a 19.7% year-over-year gain, down from 20.0% in the previous month. Phoenix, San Diego, and Tampa reported the highest year-over-year gains among the 20 cities in August. Phoenix led the way with a 33.3% year-over-year price increase, followed by San Diego with a 26.2% increase and Tampa with a 25.9% increase. Eight of the 20 cities reported higher price increases in the year ending August 2021 versus the year ending July 2021. “

In line with expectations so Dow futures were holding +100.

“MONTH-OVER-MONTH
Before seasonal adjustment, the U.S. National Index posted a 1.2% month-over-month increase in August, while the 10-City and 20-City Composites both posted increases of 0.8% and 0.9%, respectively.
After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.4%, and the 10-City and 20-City Composites both posted increases of 0.9% and 1.2%, respectively. In August, all 20 cities reported increases before and after seasonal adjustments.
ANALYSIS
“The U.S. housing market showed continuing strength in August 2021,” says Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI. Every one of our city and composite indices stands at its all-time high, and year-over-year price growth continues to be very strong, although moderating somewhat from last month’s levels…”

And the chart still looks “effervescent” to us…

We wonder if the real estate industry sends thank-you’s to the Fed for all this…

More on the ‘morrow…

George@Ure.net

16 thoughts on “No Surprise in Housing Data”

  3. Glad I’m in the seller demographic and not the buyer.
    For a little perspective, in the 60’s, I heard an elderly neighbor remark to my Mom: “Thirty thousand dollars for a house! How will young people people ever be able to afford that?”
    And so it goes.

    • I remember Corvettes costing 6 grand – brand new! And I’d still take an old Stingray over whatever they call the new version. It’s all a matter of perspective based on your income. We built our first house when I was in 4th grade and Dad was making about $11.5K with Mom being a stay-at-home wife/mom. Ate a lot of macaroni, too!

  4. Just a message to say thank you for all the years of important info. I can no longer read your blogs because of covid in september and a stroke it caused. Now I can’t see too good can’t drive, and can’t breathe without oxygen. Oh well , Lifes little potholes… God Bless …

    • MAW – splurge for a 55″ Monitor – you can drive ’em with most laptops and virtually all desktops with an HDMI out.
      I’ll try to keep things upbeat a little more. God bless you, yours, and you’ll climb back from the stroke. Cinch by the inch, hard by the yard. Each day offers a victory to the patient warrior!

    • Hey MAW. I walked this journey for 5 years with a good friend suffering from COPD and a stroke. Not a little pothole for sure but we found ways to make it work for him.

      You are part of a family here with people that genuinely care about you. Don’t give up.

  6. Biden releases ‘gender equity’ plan that calls for eliminating cash bail

    “We are also committed to increasing federal oversight and accountability for police departments and prosecutors’ offices to address systemic misconduct, including gender bias and sexual misconduct,” reads part of a 42-page White House report entitled the National Strategy on Gender Equity and Equality. “And we will work to end cash bail and reform our pretrial system, recognizing the harm these processes cause, particularly for Black women and families.”

    https://www.foxnews.com/politics/biden-releases-gender-equity-plan-that-calls-for-eliminating-cash-bail

    Where do I begin…?

    1) “federal oversight and accountability for police departments and prosecutors’ offices” Does not exist, and is not Constitutional. Feds (usually meaning the FBI) can step in to local and State investigations ONLY WHEN ASKED, unless a State or National border is crossed.

    2) “systemic misconduct” does not exist, under any semblance of common sense definition. That’s not to claim a definition can’t be tailored specifically to define an act or action committed by AN INDIVIDUAL as a “systemic” issue.

    3) “the National Strategy on Gender Equity and Equality.” Remember, “equality” means an equal starting point, whereas “equity” means an equal finishing point.

    4) “we will work to end cash bail and reform our pretrial system, recognizing the harm these processes cause, particularly for Black women and families.” How about the harm done to people who are hurt, messed-up, or murdered, by criminal perpetrators, some of whom are Black women and significant members of families?

    …Getting damn’ tired of the Leftists shitting on victims of crimes, especially violent crime, as they elevate criminals to an exhaled, if not protected status.

    I realize the idea is to make a free and honest life so undesirable for average people that we proles beg for socialism. It is just ‘way beyond painful, watching the manipulation unfold…

  9. Aide: N.J. Gov. Phil Murphy Is Waiting To Mandate COVID Vaccine Until After Reelection

    Newly released secret footage from Project Veritas shows Wendy Martinez, senior adviser to New Jersey Gov. Phil Murphy, promising that the Democrat will mandate the COVID-19 shot in the state if he is reelected but is keeping his stance on requiring the jab quiet to appeal to independent voters.

    https://thefederalist.com/2021/10/26/aide-n-j-gov-phil-murphy-is-waiting-to-mandate-covid-vaccine-until-after-reelection/

    Rumor has it Murphy is vulnerable. I hope so. Na Joisey has been run by criminals for so long, the people really should deal themselves a break. However, they WILL get the government they (believe they) deserve, so, we’ll see…

  12. Hyper-inflation is gathering momentum; however it is largely by segment. Suburban real estate has become an inflationary brush fire. The inflation only becomes broad and self-sustaining when wage inflation sets in, which I haven’t been seeing much of above the minimum wage level, at least not yet.
    The Covid jab firings are going to be highly wage inflationary. This and continued bullying by employers is revitalizing labor movements. We have Nero fiddling while the captains of industry and their robber Baron masters sell off the legacy of American industrialization to foreign enemies. We have developed a new model for treason, and the public is starting to understand.

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