Home prices continue to outpace last year, but at a pace that’s slowing down.
The S&P CoreLogic Case-Shiller Home Price Index for April rose 2.7% year over year, a deceleration from 3.37% in March, 3.9% in февраль and 4.1% in January. It’s the first data for the Case-Shiller that includes the period after President Donald Trump’s tariff announcement on April 2, which pushed ставки по ипотечным кредитам обратно на 7%.
“While more homes are coming to market compared to a year ago, high borrowing costs and affordability barriers are tempering buyer enthusiasm,” said Риэлтор.com economist Anthony Smith in a statement. “Economic uncertainty and elevated rates are likely to keep housing activity slower than usual this spring.”
Major cities continue to account for much of home-price appreciation. The 10-city composite for April rose 4.07% annually. The 20-city composite also outpaced the national number with a 3.42% jump.
Cities in the Midwest and Northeast are outpacing those in other regions. New York again led all cities in growth with a whopping 7.95% rise, followed by Chicago (6.02%), Detroit (5.5%), Cleveland (5.18%) and Washington, D.C. (4.29%).
The index for Tampa fell 2.15% annually, as the area continues to recover from Hurricane Milton last fall. Dallas — which is undergoing a post-pandemic correction — also fell year over year, but only slightly at 0.21%.
Miami has been in something of a correction as well, but it’s up 1.38% annually for April.
The Case-Shiller index — widely considered the gold standard for measuring home prices — should provide interesting insights when May numbers are reported next month. That’s because it will have the tariff announcement and 7% mortgage rates fully baked into it.
Согласно Может existing-home sales report from the Национальная ассоциация риэлторов (NAR), conditions are ripe for softening price appreciation. Unsold inventory is up 20.3% compared to last year, but sales continue to hover just above 4 million on a seasonally adjusted annual basis.
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