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☆ Home prices soar even higher in February, despite higher mortgage rates, says S&P Case-Shiller
▼ + stars: | 2024-04-30 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Strong demand and tight supply continue to push home values higher, even though mortgage rates are now moving higher again. "For the third consecutive month, all cities reported increases in annual prices, with four currently at all-time highs: San Diego, Los Angeles, Washington, D.C., and New York." The second decline followed the peak in average mortgage rates last October," he added. This index records prices on a three-month moving average, so they go back as far as December, when mortgage rates hit their recent lows. Since that time, however, mortgage rates have jumped nearly a full percentage point.

Persons: Brian Luke, Dow, Luke Organizations: Dow Jones, D.C, Federal Reserve Locations: U.S, Diego , Los Angeles , Washington, New York, San Diego, Chicago, Detroit, Portland , Oregon, Boston , New York, Washington

☆ There’s more bad news for potential homebuyers: Prices just hit another record
▼ + stars: | 2024-03-26 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

CNN —US home prices rose at the fastest clip in months to a fresh record high in January, according to data released Tuesday, highlighting how a housing shortage combined with high mortgage rates continues to limit affordability. The S&P CoreLogic Case-Shiller US National Home Price index rose 6% in January from a year before, accelerating from a 5.6% annual increase in December. “On a seasonal adjusted basis, home prices have continued to break through previous all-time highs set last year,” he noted. On a month-over-month basis, prices rose 0.4% on a seasonally adjusted basis. Minneapolis home prices have declined 2.4% during the three months ended in January, according to the report.

Persons: ”, Brian Luke, Dow, Freddie Mac Organizations: CNN, “, San Diego, Dow Jones, Minneapolis Locations: San Diego , Los Angeles, Washington

☆ Home prices began to cool in November after nine straight months of gains, S&P Case-Shiller says
▼ + stars: | 2024-01-30 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Home prices in November fell 0.2% from October, according to the S&P CoreLogic Case-Shiller national home price index. Prices nationally were still higher than the year before, and those annual gains increased again relative to the prior month. They rose 5.1% from November 2022, up from a 4.7% annual increase in October. "The rate has since fallen over 1%, which could support further annual gains in home prices." Prices rose 8.2% in November, followed again by San Diego with an 8% increase.

Persons: Freddie Mac, Brian Luke, Luke Organizations: Federal Reserve, Detroit, Midwest Locations: Lake Pointe Subdivision, Austin , Texas, Seattle, San Francisco, Miami, Tampa, Atlanta, Charlotte , New York, Cleveland, San Diego, Portland , Oregon

Home prices declined slightly in November while posting yearly gains, suggesting the housing sector has cooled somewhat heading into 2024. The house price decline came at a time where mortgage rates peaked, with the average Freddie Mac 30-year fixed rate mortgage nearing 8%, according to Federal Reserve data. But as more inventory comes on the market and mortgage rates remain elevated, sale prices may be beginning to wilt. That has led some analysts to say that the market could bounce back as the traditional spring buying season begins. The index tracks a three-month period when mortgage rates were zig-zagging and ended on a down note, said Danielle Hale, chief economist at Realtor.com.

Persons: ”, Brian Luke, San Francisco, Cleveland –, Luke, “, Freddie Mac, Selma Hepp, Danielle Hale Organizations: Dow Jones, Seattle, Cleveland, Midwest, Federal Reserve Locations: “, San, Miami, Tampa, Atlanta, Charlotte , New York

☆ Commodity markets are in a 'super squeeze' — and higher prices could be here to stay
▼ + stars: | 2024-01-26 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +6 min

A commodity "super squeeze" is denoted by higher prices driven by supply constraints more than a robust growth in demand, he explained. "If it's a supply constraint that's driving high commodity prices, it's a very different story for global growth," he told CNBC via Zoom. Higher prices as a result of a super squeeze are "not as positive." The super squeeze could be deeper, or more prolonged if geopolitical, climate change or energy transition related supply disruptions are larger than expected. He highlighted that extreme weather events and geopolitics have also impacted the agricultural and energy commodity baskets.

Persons: Li Xin, Paul Bloxham, Bloxham, Brian Luke S, Dow, HSBC's Bloxham, Ian Waldie, Brian Luke, Matty Zhao Organizations: Technology, Getty, Visual China, HSBC, CNBC, Paul Bloxham HSBC, Energy, Commission, Commodities, Bloomberg, Dow Jones, of America Securities Locations: SUIXI, CHINA, Anhui, Suixi County, Huaibei City, Anhui Province, China, Israel, Gaza, Ukraine, Red, Australia, Asia, Pacific

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