Denver's still among top 4 cities for home-resales price gains

28 June, 2017, 05:15 | Author: Zachary Santiago
  • US home prices for April rise slower than expected

US single-family home prices rose in April due to tight inventory of houses on the market and low mortgage rates, a survey showed on Tuesday, and economists see no imminent change in the trend.

S&P CoreLogic Case-Shiller Home Price Index (HPI) covering all 9 U.S. Census Bureau divisions showed home prices in April climbed only 0.3% and 5.7% on the year. Home prices nationally rose 5.5 percent on an annualized basis this past April, down from 5.6 percent in March.

David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, isn't predicting a slowdown soon.

The increases follow a nationwide trend of rapidly rising home prices.

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"If mortgage rates, now near 4 percent, rise further, this could deter more people from selling and keep pressure on inventories and prices", Blitzer said in a statement. Seattle's residential real estate saw a 12.9 percent year-over-year price increase, making it the nation's fastest-growing city for home prices for the eighth month in a row.

Condo prices in the Chicago area did a bit better on a year over year basis with a 4.4% gain, but that's also the lowest gain in 5 months.

"The increase in real, or inflation-adjusted, home prices in the last three years shows that demand is rising", Blitzer saud.

Secondary tech hubs like Seattle, Portland and Dallas reported the highest annual gains among the 20 metropolitan areas measured by the index.

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Blitzer added that "conditions appear favorable for avoiding a crash", although he theorized that "any increase in mortgage interest rates would dampen demand".

The National Association of Realtors reported last week that the inventory of existing homes available for sale rose in May by 2.1 percent to 1.96 million from the previous month. Low mortgage rates are also encouraging more Americans to buy homes. That annual growth rate was a step back from a 4.4 percent increase in March.

From March single family home prices in the Chicago area rose by 1.0%, which I should remind you is largely a seasonal effect. The real price of homes remains almost 34 percent lower than the last market peak in the summer of 2006 and is also running about 10 percent lower than the real prices in 2000. They can't. Rather, will home-price gains gently slow, or will they crash and take the economy down with them?

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