National

Home Prices Rose 5.6% in April, Says S&P CoreLogic Case-Shiller

Home Prices Rose 5.6% in April, Says S&P CoreLogic Case-Shiller

House price growth in the U.S. unexpectedly slowed down in April, according to the S&P/Case-Shiller National Home Price Index.

New York, NY, June 27, 2017-The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.5% annual gain in April, down from 5.6% last month. April's result fell short of the 5.9 percent increase forecast in a Reuters poll of economists.

David Blitzer of S&P Dow Jones' index committee said in a release that rising prices across the country reflects that the supply of homes for sale "has barely kept pace with demand", while the inventory of new or existing homes for sale has shrunken to a four-month supply.

Seattle home prices continue their rapid ascent.

"If mortgage rates, now near 4 percent, rise further, this could deter more people from selling and keep pressure on inventories and prices", Blitzer said in a statement.




USA home prices rose at a healthy clip in April, though the increase slowed a bit from the previous two months. After the seasonal adjustment, the National Index and the 10-City Composite each recorded a 0.2 percent month-over-month increase and the 20-City Composite posted a 0.3 percent month-over-month increase.

"The increase in real, or inflation-adjusted, home prices in the last three years shows that demand is rising", he said. "Adding to price pressures, mortgage rates remain close to 4 percent and affordability is not a significant issue".

He said increased construction, a low rate of mortgage defaults and manageable household debt should prevent a crash.

"High demand from home buyers and a limited supply of homes for sale are the main ingredients in the recipe for rising home prices". Any increase in mortgage interest rates would dampen demand. Seattle led the nation with a 12.9 percent year-over-year price increase in April, followed by Portland with 9.3 percent. Rather, will home price gains gently slow or will they crash and take the economy down with them? It tracks the prices of typical single-family homes located in each metropolitan area provided.

The Case-Shiller report, based on repeat sales of single-family homes, is just one of many ways to measure the housing market's health.


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