Housing prices are recovering steadily after hitting a bottom earlier this year.
Prices are now just 2.4% below their June 2022 peak.
Home prices in April were still down 0.2% compared with April 2022, according to the S&P CoreLogic Case-Shiller national home price index. They were, however, 0.5% higher month to month, after seasonal adjustments. Prices are now just 2.4% below their June peak. A major jump in mortgage rates last summer caused a decline in prices. But, rates are still high, and homebuyers appear to be adjusting to the new normal. Demand is strengthening.
"If I were trying to make a case that the decline in home prices that began in June 2022 had definitively ended in January 2023, April's data would bolster my argument," he added. "Whether we see further support for that view in coming months will depend on the how well the market navigates the challenges posed by current mortgage rates and the continuing possibility of economic weakness.
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