US home prices in April posted their first annual decrease in 11 years, according to the latest price index
The national index fell 0.2% in April on an annual basis, according to the report. It’s the first annual decline since 2012. However, despite the year-over-year drop from last summer’s continued surge, prices continued to rise on a monthly basis. After seasonal adjustment, the national index rose 0.5% in April from March. Both the 10-City and 20-City composites saw increases, too, rising 1% and 0.9%, respectively. Before seasonal adjustments, the national index rose 1.3% from March.
Low housing inventory creates competition and pushes prices up. May’s home price index “reinforced the idea that home prices are responsive to interest rate adjustments, as home shoppers continue to push budget boundaries in today’s pricey housing market,” said Danielle Hale, Realtor.com’s chief economist. “Home price trends are caught in a tug of war between stretched buyer budgets and limited inventory forcing competition despite reduced affordability.
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