Case-Shiller indices came out today. August prices for the 20 city index declined m/m, and Zillow’s forecast for the CS 20 city index in September was for another decline. This is shown in Figure 1:

Figure 1: Case-Shiller 20 city home prices (blue, left log scale), Zillow forecast of Case-Shiller based on Zillow prices from September for August, from October for September (red +, right log scale), Zillow single family home prices, in 2018$ (brown, right log scale), all deflated by CPI-All. Source: Zillow, S&P, BLS, and author’s calculations.