USA house price growth slows in April - S&P/Case-Shiller

US home prices for April rise slower than expected

US home prices were rising at an annual pace of 6.8 percent in April, according to the Federal Housing Finance Agency (FHFA), which tracks price changes in homes purchased with Freddie Mac and Fannie Mae loans.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index's 10-City Composite rose 4.9 percent year-over-year, down from a 5.2 percent gain in March, while its 20-City Composite rose 5.7 percent, down from a 5.9 percent gain in March. From February to March, Miami home prices increased by 0.3 percent.

Metro Denver remains among the top four major USA markets for year-over-year gains in home resale prices, according to the latest S&P/Case-Shiller Home Prices Indices report.

"If mortgage rates, now near 4 percent, rise further, this could deter more people from selling and keep pressure on inventories and prices", Blitzer said in a statement.

The increases reflect the nationwide trend of higher real estate prices, as all 20 markets studied in the indices rose on an annual basis, and 19 of the 20 did in the monthly comparison.

Condo prices in the Chicago area did a bit better on a year over year basis with a 4.4% gain, but that's also the lowest gain in 5 months.




"The increase in real, or inflation-adjusted, home prices in the last three years shows that demand is rising", he said.

"At the same time, the supply of homes for sale has barely kept pace with demand and the inventory of new or existing homes for sale shrunk down to only a four month supply", Mr.

Seattle, Portland, Oregon, and Dallas reported the highest year-over-year gains in April.

Blitzer said it was unclear whether the market would eventually crash or gradually cool off, but adds that market conditions appear to be improving. Moreover, mortgage default rates are low and household debt levels are manageable.

Their data says that rental single-family homes have grown by 45 percent since 2000, especially just south of the Seattle city limits. "Price gains are only likely to be subdued if we see a deterioration of demand as a result rising interest rates at some point this year".

Housing market observers have long speculated a looming increase in mortgage rates could slow demand, in turn putting the brakes on home prices. And it marked the metropolitan area's slowest year-over-year price growth since September.

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