Mortgage News - April Home Prices Reinforce Economic Recovery

April Home Prices Reinforce Economic Recovery

Mortgage News July 5, 2023

In April, both the S&P CoreLogic Case-Shiller U.S. National Home Price Index and the Federal Housing Finance Agency’s (FHFA’s) Home Price Index (HPI) indicate a continued but slower increase in home prices compared to the previous low-interest rate period. The Case-Shiller indices now display a negative annual rate of change.

During the same month, the Case-Shiller National Index, which covers all nine census divisions, saw a 0.2 percent decline, in contrast to a 0.7 percent annual gain in the preceding month. Prior to seasonal adjustment, the index experienced a 1.3 percent month-over-month growth, which adjusted to a 0.5 percent rise after accounting for seasonal factors.

In March, the 10-City Composite experienced a decrease of 1.2 percent, a decline from the -0.7 percent annual change observed in March. Likewise, the 20-City Composite exhibited a decline of 1.7 percent compared to the previous year, a decrease from the 1.1 percent recorded in the prior month. Before adjustment, both city composites showed a month-over-month increase of 1.7 percent. After adjustment, the 10-City Composite rose by 1.0 percent, while the 20-City Composite increased by 0.9 percent.

Among metro areas, Miami demonstrated the most substantial annual growth at 5.2 percent, securing the top position. Chicago followed closely in second place with a 4.1 percent increase, while Atlanta surpassed Charlotte to claim the third spot with a 3.5 percent gain. In the year ending April 2023 compared to the year ending March 2023, seventeen out of twenty cities reported lower prices. However, Boston and San Francisco saw slight increases of 0.1 percent, and Cleveland experienced a gain of 0.9 percent.

According to FHFA, the Home Price Index (HPI) showed a 0.7 percent increase in April compared to March. The annual growth rate was reported at 3.1 percent, but the previously stated 0.6 percent increase in March was revised downward to 0.5 percent.

When analyzing the nine census divisions, the adjusted monthly price fluctuations between March 2023 and April 2023 ranged from 0.1 percent in the Pacific division to 2.4 percent in the New England division. The 12-month changes ranged from a negative 3.8 percent in the Pacific division to a positive 6.1 percent in the East South Central division.

Need a loan officer list, real estate agent list, insurance agent list, investment advisor list or contractor list in your area? Contact Jennifer Swanson at 260-223-9203 or Jennifer@SpecialtyContactDatabases.com

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April Home Prices Reinforce Economic Recovery

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