Home Price Synopsis

Home prices have peaked this cycle but the decline is certainly tiny compared to the run up.

Case-Shiller lags. August is the latest data and that represents sales primarily made in June and July so the declines shown are undoubtedly understated.

CS National ,Top 10 Metro, CPI, OER

Home Price Disconnect Notes

National is the Case-Shiller national home price index.

10-City represents the weighted average of the cities in the first chart.

CPI is the Consumer Price Index

OER stands for Owner's Equivalent Rent. It is the single largest component in the CPI with a current weight of 23.65% of the total CPI.

Rent of Primary Residence is a CPI component with a weight of 7.25% of the CPI.

OER is the price the Bureau of Labor Statistics (BLS) says one would pay to rent one's own house from oneself, unfurnished, without utilities.

Percent Change January 2020 to August 2022

Case-Shiller National: 42.99 Percent

Case-Shiller 10-City: 37.65 Percent

OER: 10.40 Percent

CPI: 14.81 Percent