Courtesy Tony Guaraldi VP of Mortgage Lending
We’ve got some housing numbers to share with you this week and all of it points to a strong and stable housing market. The Federal Housing Finance Agency (FHFA) House Price Index was reported this week showing values increased nationally by 0.3% in September. The Year over Year is up 8.5% which is a good number for national appreciation of home prices. The Case Shiller Home Price Index for September which tracks closing prices in 20 major cities in the US reported values were up 0.7%. Home Prices are up 13.3% according to them year over year. This is the best number in 7.5 years! Robert Shiller was interviewed on CNBC and although the numbers look good they did not scare him in terms of a potential housing bubble. He explained that those surveyed were not too optimistic which alleviates any bubble concerns he may have had. He noted the rate of appreciation is slowing but this is probably a good thing as 13% appreciation is not sustainable, but there is nothing wrong with 6% appreciation which may be where housing is headed nationally.