Lots to talk about this week. The Case Shiller report, FHFA reporting on home appreciation, and pending home sales!
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Lots to talk about this week. Lots of real estate news. So first we got the Case Shiller report. So Case, Shiller is probably one of the most reliable held the highest standards of real estate reporting. And on a month over month basis on a national level show the home appreciation was up 3.2%. So just still really, really good to see national and appreciation. We also got FHFA reporting on home appreciation. So FHFA looks at mortgages, I’m sorry, it looks at homes across the country that only have conventional mortgages attached to them. So none that are owned, free and clear, none that have government type mortgages.
So homes that are owned with conventional mortgages on a year over year basis, they report that these homes have increased 5%, which is really substantial and really good to see. So really solid home appreciation, we also got new home sales, blockbuster report, new home sales was up 7.1%, the strongest number in the last 12 years. So really good to see a really strong New Home Sales Report. And then we’ve also got pending home sales. So pending home sales looks at homes under contract for the month of August and pending home sales were up 1.6% stronger than expectation.
So really good to see that as well. And second strongest number in the last 12 months. So good appreciation, good new home sales, good pending home sales, just all the signs of a strong housing market that’s just kind of chugging along, then today we got was called the PC, that’s a personal consumption expenditure.
So this is a gauge of inflation for us as consumers in the US. And there’s two real gauges of inflation. One is the CPI that’s consumer price index. That’s actually the one that we actually think is more accurate, but the Federal Reserve’s favorite gauge of inflation is the PC and PCA on a month over month basis increase from 1.6% to 1.8%.
So one thing to know and to really keep in mind is that the Federal Reserve’s target for inflation is at 2%. So this is not really horrible inflation news, the markets have just shrugged it off. But if we do continue to see inflation push up to that 2% Mark, the Federal Reserve may have to do something about it. And they might be in a pretty tough spot considering they’re actually actively reducing rates right now.
So we’ll have to wait and see what happens there. I’m around all weekend. If you have any questions, give me a call. If you have any buyers you want to get pre approved call my cell phone text me. That’s definitely the best way to get a hold of me. Hope you doing well. Happy Friday. Hope you have a great day.