Latest Home Data Shows Spike in Costs, Dip in Pending Sales
U.S. home prices are on the rise according to two separate data releases announced this week. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reports home price increases in all nine census divisions—a year-over-year jump of 5.5% in October. Meanwhile, the Federal Housing Finance Agency announced prices rose 0.3% in October compared to the month prior, with a 12-month change of 5.7% from October 2017.
However, pending home sales sank 0.7% in November according to today's index release by the National Association of Realtors (NAR). New residential sales statistics for November were not released as scheduled earlier this week by the Census Bureau and Department of Housing and Urban Development due to a lapse in federal funding.
"Unlike past government shutdowns, with this present closure, flood insurance is not available. That means that roughly 40,000 homes per month may go unsold because purchasing a home requires flood insurance in those affected areas," said Lawrence Yun, NAR chief economist, in a release. "The longer the shutdown [lasts] means fewer homes sold and slower economic growth."
-Michael Miller, managing editor