Housing prices in April were 3.5% higher than a year earlier, according to S & P CoreLogic Case-Shiller USA. National house price index. Growth was lower than growth by 3.7% in March.
However, the composition of 10 cities began to grow again, increasing by 2.3% per year, compared with 2.2% in the previous month. 20 cities rose 2.5% year on year, up from 2.6% in March.
The report is calculated two months ago and represents a three-month moving average of prices. Other more recent reports have shown that rising house prices are rising again due to lower mortgage rates and increased demand. Prices monitored by Zillow fell month after month for two months in a row, seasonally adjusted. These are the first monthly drops in seven years. Prices also began to pick up every year in April, according to another CoreLogic study.
Lo Vegas, Phoenix and Tampa, Florida, noted that, according to a local Case-Shiller report, the annual increase among the 20 cities in April was the highest. Prices in Las Vegas rose by 7.1%, followed by Phoenix with an increase of 6% and Tampa with an increase of 5.6%. Nine out of 20 cities reported a larger annual price increase compared with March.
“The rise in house prices continued under widespread moderation,” said Philip Murphy, managing director and head of global index management at S & P Dow Jones Indices. “The rise in prices compared to last year remains positive in most cities, albeit with decreasing rates of change. Seattle is a notable exception, where the YOY change has decreased from 13.1% in April 2018 to 0.0% in April 2019. ”
Mortgage rates are falling steadily this year, giving buyers more purchasing power. Lower bids often coincide with higher prices because buyers can bid higher and competition increases. Although the potential price spike has not yet been reflected in this report, home sales in the secondary market in May rose more than expected, according to the National Association of Realtors, suggesting a renewed demand. The average price of a house sold in May also rose to the highest level ever. This may in part be a change in the sales structure of homes, as there are many more expensive homes for sale, but a very, very limited supply of affordable homes for sale.