Home Prices Rise 19.5% Year over Year!

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Mortgage and Lending with The Federal Savings Bank/Lending in 50 states NMLS # 109616

Home price gains continue to remain at frothy levels due in part to low rates, solid demand and low inventories. The S&P Case-Shiller 20-City Home Price Index rose 19.1% from September 2020 to September 2021, up 0.8% monthly from August to September. The National Index jumped 19.5% year over year and rose 1% monthly. Craig J. Lazzara, Managing Director at S&P DJI said, "Housing prices continued to show remarkable strength in September, though the pace of price increases declined slightly."

Consumer Confidence fell in November to 109.5 from the 111.6 seen in October which was an increase from September. The Present Situation Index, based on consumers’ assessment of current business and labor market conditions, fell to 142.5 from 145.5 last month. The Expectations Index, based on consumers’ short-term outlook for income, business, and labor market conditions, declined to 87.6 from 89.0. Lynn Franco, Senior Director of Economic Indicators at The Conference Board said, "The Conference Board expects this to be a good holiday season for retailers and confidence levels suggest the economic expansion will continue into early 2022. However, both confidence and spending will likely face headwinds from rising prices and a potential resurgence of COVID-19 in the coming months."

 

Home price gains frothy. Consumer Confidence declines. Good holiday season for retailers.

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