S&P CoreLogic: Home Price Growth Slows Again in April

While sale prices were up 2.5% year-to-year in April, it’s the 13th month in a row in which the price increase was lower than it was one year earlier, though it varies by market.

WASHINGTON (AP) – U.S. home price gains slowed for the 13th straight month in April, evidence that weaker demand is keeping prices in check even as mortgage rates fall.

The S&P CoreLogic Case-Shiller 20-city home price index rose 2.5% in April from a year earlier, down slightly from an annual gain of 2.6% in March. That’s the smallest increase in nearly seven years.

Sales of existing homes fell last year as mortgage rates climbed to 5%, but sales appear to have leveled off this spring. Borrowing costs have fallen back below 4%, which has enabled more would-be buyers to afford homes. Prices are now increasing more slowly than wages, which also helps affordability.

Source:  Copyright 2019 The Associated Press, Christopher Rugaber. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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