by calculated risk May 6, 2024 11:01:00 AM
In today’s real estate newsletter: ICE Mortgage Monitor: Annual home price growth slows in March
A brief excerpt:
press release: ICE Mortgage Monitor: Historically strong home price growth drives $11 trillion in available assets for U.S. mortgage holders
This is the year-on-year change in house prices according to the ICE House Price Index (HPI). ICE HPI is a repeat sales index. Black Knight reports changes in median repeat sales. The index rose 5.6% year-on-year in March, down from 6.0% year-on-year in February.
• Home price growth slowed in March due to tightening in both mortgage rates and housing affordability, but remains historically strong.
• Annual housing price growth rate slowed from upwardly revised 6.0% in February to +5.6% in Marchprices rose a seasonally adjusted +0.42% for the month, down from February’s revised +0.58%.
• On an unadjusted basis, prices rose +1.2% in March, more than 25% above the 25-year March average of +0.96%.
• March was the third consecutive month of above-average monthly growth, after monthly growth was below the 25-year average in five of the last six months of 2023 due to rising interest rates.
• Prices have remained firm so far this spring, although rising interest rates have suppressed purchasing demand and there has been a gradual increase in inventories.
• However, if adjusted monthly growth rates continue at or near their current pace, annual home price growth will slow slightly into the summer.
There’s a lot more to this article.
