Housing Costs Are Soaring Nationally

The Case-Shiller Home Price Index which is considered the “gold standard” for home appreciation showed that home prices appreciated nationally by 1.6% in July from June and that home values increased 20% over the last 12 months! Phoenix reported the highest appreciation rate at 32%.

FHFA, who oversees Fannie and Freddie, also released their July House Price Index last week. This index measures home price appreciation on SFRs with conforming loan amounts. This index showed home values nationally rose 1.4% in July from June and values increased by 19% year over year.

This September report that will be released at the end of November will tell us how much conforming loan amounts will increase for 2022. As of July the conforming loan amount nationally would increase by 19% or to $652k. I would expect our High Balance loan limit would increase to approximately $700k based on this September report.

And rents across the country are soaring too as Apartment List reported that rents rose 2.1% in September from August and rents are up 16.4% in the last year. Realtor.com reported that national rents rose 11.5% from August 2020 to August 2021.