It finally happened! For the first time since November annual home price growth slowed month-over-month, according to the Case-Shiller Index…(Case-Shiller)
- Y-O-Y: The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 20.4% annual gain in April, this is down from the 20.6% growth reported in March.
- M-O-M: The U.S. National Index posted a 2.1% month-over-month increase in April, this is down from the 2.6% growth reported in March.
NOTE: The 20-City Composite was 21.2% year-over-year, this was up from the 21.1% in March and higher than economist predictions of 21.0%.
Florida continues to be the epicenter for rising home prices with Tampa reporting the biggest year-over-year price growth at 35.8% followed by Miami with 33.3% growth.
- Phoenix, which led this category for almost three years straight, has fallen back to number three with 31.3% growth.
Meanwhile, the Federal Housing Finance Agency still had home price growth moving up year-over-year, according to their Home Price Index…(FHFA)
- Y-O-Y: Home prices were up 18.8% year-over-year in April, this up slightly from the 18.7% increase reported in March.
- M-O-M: Home prices were up 1.6% from May, which matches the upwardly revised monthly gain reported last month.
Regionally, the South Atlantic leads the way with 23.5% home price growth year-over-year followed by Mountain (+23.3%) and West South Central (+19.2%)
- Looking at monthly gains, the West South Central region was the top dog with 2.5% growth in April followed by West North Central (+2.3%) and South Atlantic (+1.9%).
Will Doerner, Ph.D., FHFA economist, noted that low inventory levels will keep prices elevated even with higher rates…
- “The inventory of homes on the market remains low, which has continued to keep upward pressure on sales prices. Increasing mortgage rates have yet to offset demand enough to deter the strong price gains happening across the country.”