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September Home Price Gains Blow Away Forecasts

Tuesday, November 24, 2020

Annual price increases in September were quite literally off the charts. Both the S&P CoreLogic Case-Shiller National Index and the Housing Market Index from the Federal Housing Finance Agency (FHFA) recorded annual appreciation of at least 7 percent. The Case-Shiller National Index, which covers all nine U.S. census divisions, reported a 7.0 percent annual gain in September, up from the August increase of 5.8 percent.   The National Index posted 1.2 percent month-over-month growth before seasonal adjustment and 1.4 percent afterward. As has been the case since the beginning of the pandemic, housing data from Wayne County, Michigan where Detroit is located has been insufficient to include the city in the indices. The 10-City Composite annual increase came in at 6.2 percent and the 20 City at 6.6 percent. The two composites had appreciated in August by 4.9 percent and 5.3 percent, respectively. On a monthly basis the 10-City increased 1.3 percent before adjustment and 1.2 percent afterward, while the 20 City's gains were the reverse, rising 1.2 percent before adjustment and 1.3 percent afterward. In September, all 19 cities (excluding Detroit) reported increases before and after seasonal adjustment.


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As a first-time homebuyer, it was great having Charlie walk me through the entire process and keep me posted on what was needed and when. He was always available to answer any questions that I had. I appreciated him planning for worst case scenarios so there were never any surprises and I appreciate him finding the right mortgage for the amount I wanted to pay each month.
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