by Calculated Risk June 3, 2024, 10:20 AM
In today’s Real Estate Newsletter: ICE Mortgage Monitor: “Home Prices Fall for Second Consecutive Month in April.”
excerpt:
press release: ICE Mortgage Monitor: Home prices fall for second consecutive month in April as buying demand weakens and inventory shortages improve
Year-over-year changes in home prices according to the ICE Home Price Index (HPI) are as follows: ICE HPI is a repeat sales index. Black Knight reports the average price change for repeat sales. The index increased 5.1% year-over-year in April, down from 5.7% year-over-year in March.
• Home price growth slowed for a second straight month in April as rising interest rates softened demand and inventory improved.
▪ Annual house price growth slowed to 5.1% from a revised 5.7% in March, after rising to 6.1% in February.
▪ Unadjusted prices rose 0.88% for the month, falling slightly below the year-ago average for the first time this year.
▪ On a seasonally adjusted basis, prices increased by 0.28% for the month (down from 0.45% in March), equating to a seasonally adjusted annualized SAAR of 3.4%, suggesting that the annual rate of house price growth will continue to slow in the coming months.
▪ If adjusted monthly increases continue at their current pace, annual home price growth will fall below 4.25% by June and below 4% by July.
There’s a lot more in the article.
