by Calculated Threat on 10/28/2025 02:03:00 PM
One other replace … a couple of key factors:
1) There’s a clear seasonal sample for home costs.
2) The surge in distressed gross sales in the course of the housing bust distorted the seasonal sample. This was as a result of distressed gross sales (at cheaper price factors) occurred at a gentle price all 12 months, whereas common gross sales adopted the conventional seasonal sample. This made for bigger swings within the seasonal issue in the course of the housing bust.
Click on on graph for bigger picture.
This graph exhibits the month-to-month change within the NSA Case-Shiller Nationwide index since 1987 (by means of August 2025). The seasonal sample was smaller again within the ’90s and early ’00s and elevated as soon as the bubble burst.
The seasonal swings declined following the bust, nonetheless the pandemic value surge modified the month-over-month sample.
The second graph exhibits the seasonal components for the Case-Shiller Nationwide index since 1987. The components began to alter close to the height of the bubble, and actually elevated in the course of the bust since regular gross sales adopted the common seasonal sample – and distressed gross sales occurred all 12 months.
The swings within the seasonal components have been lowering following the bust however have elevated once more just lately – this time with out a surge in distressed gross sales.
