Home prices soared to new highs in April, once again breaking the month prior’s record, despite cool-downs across the market.
Prices were up 6.3% YOY in April, down from March but still elevated, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index.
With this increase, prices hit their seventh record high of the last year.
Month-over-month, national prices rose 0.3% after seasonal adjustment, the same as March, while the 20-City Composite and the 10-City Composite registered gains of 0.4% and 0.5%, respectively.
“For the second consecutive month, we’ve seen our National Index jump at least 1% over its previous all-time high. 2024 is closely tracking the strong start observed last year, where March and April posted the largest…
Data released today shows home price gains improved in July both annually and month-over-month.
Year-over-year, prices rose 1% after not moving at all the month prior, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index.
Prices were up 0.6% month-over-month, both before and after seasonal adjustment. This is the sixth consecutive month of increases.
Home prices are now at all-time highs in half the cities analyzed, and prices rose in all 20 cities after seasonal adjustment (19 of them before adjustment, as well). The National Composite surpassed its previous record high with this data.
Craig Lazzara, managing director at S&P DJI, noted that regional differences remain “striking.”
“On a year-over-year basis, the Revenge of the Rust Belt continues.…
As home prices spike and interest rates stay elevated, affordability has fallen to its lowest point in more than three decades.
First American Financial’s Real House Price Index soared by 16.9% YOY in July, the latest available data, and was up 2% from the month prior.
But consumer buying power sank, down 1% month-over-month and 11% YOY.
The RHPI is controlled for house-buying power, measuring the impact of income and interest rate changes, and therefore acts as a measure of housing affordability as well as price changes.
The increase was driven by house prices and the 30-year fixed-rate mortgage rate rising 4% and 1.4% YOY, respectively.
The median existing-home sale price was $345,000, while the median house-buying power was just…
Data released today shows national home prices slipped year-over-year in May but continue heating up in the short term, with month-over-month prices rising.
Year-over-year, prices fell by 0.5%, down from -0.1% the prior month, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index.
The 20-City Composite posted a -1.7% year-over-year decline, unchanged from the month prior, as home prices have recently seen a boost.
Craig J. Lazzara, managing director at S&P DJI, noted that regional differences are still “striking,” with the West Coast hubs that saw huge migration during the pandemic having the weakest growth.
The Southeast (+2.1%) continues to see strong growth, though this month its top-performer crown was stolen by the Midwest (+2.7%).
Looking at cities,…
