Housing prices in April were 3.5% higher than a year earlier, according to S & P CoreLogic Case-Shiller U.S. The increase is lower than the 3.7% growth seen in March. The composite of 10 cities, however, started to win again, increasing by 2.3% yoy, compared with 2.2% in the previous month. The 20-city component rose 2.5% in the year from 2.6% in March.
The report looks at two months and is an average three-month price range. More recent reports show that rising house prices are rising again, thanks to lower mortgage rates and higher demand. The prices traced by Zillow have fallen from month to month for two months on seasonally adjusted data. These are the first monthly drops for seven years. Prices also began to increase annually in April, according to another CoreLogic study.
At a local level on the Case-Shiller, Las Vegas, Phoenix and Tampa, Florida, they saw the highest annual earnings among the 20 cities in April. , Prices in Las Vegas rose 7.1
"Housing prices are on the rise," said Philip Murphy, Managing Director and Global Manager of S & P Dow Jones Indices. "Annual growth in prices remains positive in most cities, albeit with declining rates of change." Seattle is a remarkable exception where the YOY change has declined from 13.1% in April 2018 to 0.0% in April 2019. "
Mortgage rates are gradually decreasing this year, giving buyers of homes more purchasing power. Lower rates often coincide with higher prices because buyers can bid higher and competition gets higher. While in this report the potential heat in prices has not come, existing house sales have increased more than expected in May, according to the National Association of Realtors, suggesting a renewed demand. The average house price in May also rose to its highest level. Part of this may be a change in the mix of home sales, as there are much more expensive homes to sell, but many, many narrow supplies of cheap homes for sale.