Price Pickup

While existing home sales are very weak, home prices keep rising. The Case-Shiller National Index was up 5.1% Y-o-Y in November, up from 4.7% Y-o-Y in October. Similarly, the FHFA Index saw home prices rise 6.6% Y-o-Y in November, up from 6.3% in October. Moreover, the single-family mortgage seriously delinquent rate was just 0.55% in November, well below pre-pandemic lows and at rates last seen late in the Housing Boom.