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First Cut: October National Home Price Indexes reflect continued mild upward pressure

Although the national home price indexes lag most of the other housing data by a month, they are still a good gauge of the momentum for the residential market.

The October FHFA House Price Index was up 0.3% month-over-month from September, indicating mild upward price presses continue in the second half of 2018. However, the year-over-year increase of 5.7% is the lowest since 5.5% in February 2016.

The S&P CoreLogic Case-Shiller Home Price Index told a similar story. The index was up 0.5% compared to the prior month, and up 5.5% compared to a year ago.

The momentum in home prices remains to the upside but has faded as mortgage interest rates have risen. Home buyers are having more power to negotiate price even with still limited stocks of the more sought-after units.

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