Home prices hit another record in April, although the market remains cool: Case-Shiller

According to the latest S&P CoreLogic Case-Shiller National House Worth Index document, home prices once again rose to unprecedented highs in April, which will likely reduce homebuyers’ accumulation while loan rates begin to slide. Are.

Home prices rose an annualized 6.3% in April, slightly slower than the 6.5% annual increase in March. The ten and 20 city indexes grew by 8% and 7.2% respectively, each 0.3 percentage points slower than the previous era’s annual generation. Costs remain elastic from time to time, and they also show signs of cooling.

“At a 6.3% annual gain, the index has declined since the beginning of the year, with only two markets rising on an annual basis,” said Brian Luke, head of commodities, real and virtual assets for S&P Dow Jones Indices.

Across society, home prices are up 0.3% month-on-month, the same increase as a generation ago. The ten-city composite recorded a 0.5% expansion, with the 20-city composite pace 0.4% higher seasonally adjusted.

“The S&P CoreLogic Case Shiller Home Price Index remains strong due to the lack of homes for sale,” noted Max Slyusarchuk, founder and CEO of A&D Loans. “Although homebuilders’ confidence is strong enough to continue building homes, we hear in some markets that homebuilders still need to make concessions such as point buydowns to secure many home purchases.”

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Property prices in those towns probably rose the most

Locally, San Diego was once again the fastest growing market, with costs 10.3% higher than last time. Pristine New York and Chicago took second and third place in the playing field, recording annual growth of 9.4% and 8.7%, respectively.

The market’s noticeably slower home price growth has been targeted in the West, with Portland, Denver and Minneapolis recording the most negligible gains at 1.7%, 2% and 2.9%, respectively.

“The sustained outperformance of the Northeast market was last seen in 2011,” Luke noted. “In the decade that followed, the West and South held the top positions for performance. It has now been over a year since we have seen the top region come from the South or West.”

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Housing supply remains an issue

Due to high home prices and expensive lending rates, borrowers are facing a shortage of housing supply. This is usually one reason home prices remain strong.

According to Realtor.com economist Danielle, newly indexed properties between February and April increased between 11.3% and 15.5% compared to the previous generation, leading to an increase in active stock in the housing market from 14.8% to 30.4% during this period. Hui. Hell. On the other hand, Hale noted that April domestic stocks remained about 36% below pre-pandemic levels.

The US had 4.5 million fewer properties than needed in 2022, up from 4.3 million in 2021. This was due to an increase in public expansion, which has outpaced housing supply, according to a recent Zillow report.

There has been an uptick in construction in recent times, although additional housing stock needs to keep up with demand and address the chronic shortage that has hampered housing affordability for more than a decade. In 2022, more than 8 million groups or people wanted to contact their families. But the document said only 3.5 million properties were available for rent or sale in the past day. Another 1.45 million are to be added to the stock in 2023.

“The simple fact is that there are not enough homes in this country, and that’s putting home ownership out of reach for too many families,” noted Orfe Divongue, senior economist at Zillow.

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