PENDING POSITIVE

Y-o-Y home price appreciation, according to the Case-Shiller National Index, was 4.2% in October, down from 4.6% in September, and 5.2% in August. It’s now been slowing Y-o-Y for seven straight months; appreciation is returning to its pre-Covid norm. As a result of slowing appreciation, buyers adjusting to higher mortgage rates, and slowly improving inventories, pending sales, while still very weak, have been up Y-o-Y for the last three months!