The price growth momentum continued in April despite home sales slowing.
Monthly Price Growth in April Remained Double the Pre-Pandemic Pace
According to the latest S&P CoreLogic Case-Shiller Index, home prices in the US rose +20.4% y/y in April despite slowing home sales. This year-over-year increase in home price was the strongest since CoreLogic began tracking this data some twenty years ago.
Both of CoreLogic’s 10- and 20-city composite indices remained resilient in April. The 10-city composite index surged +19.7% y/y. The 20-city composite index soared +21.2% y/y. The difference in price growth between the two composite indices was driven by smaller markets in the 20-city composite index as buyers flocked to smaller and more affordable markets, particularly in the Southeast and Florida.
Compared with the 2006 peak of both indices, the 10-city composite is +43% higher today while the 20-city composite is +51% higher.
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Month-to-Month Price Growth Down Slightly in April
The non-seasonally adjusted month-to-month composite index increased +2.1% in April after jumping +2.6% in March. Even with that -.5% decline, April’s m/m increase was the second strongest in the history of this data series. CoreLogic indicated that the monthly index changes between 2015 and 2020 from March to April average approximately 1%.
Clearly, even with the uptick in mortgage interest rates and high home prices, homebuyers who can still afford to buy are doing so and, in the process of buying, are keeping the housing market competitive. According to the CoreLogic Home Price Index, home price growth will likely remain in the mid-to-high double digits through the end of this year.
Y/Y Home Price Growth Continued in 17 of 20 Metros in April
Compared with annual price gains recorded in April 2021, 17 metros out of 20 continued to see strong price increases in April 2022. Boston, New York and Washington DC were the only outliers. Take a look:
- Tampa – +35.8% in April 2022 compared with 15.4% in April 2021
- Miami – +33.3% compared with 14.3%
- Phoenix – 31.3% compared with 22.4%
- Dallas – 31.0% compared with 15.9%
- San Diego – 28.5% compared with 21.7%
- Las Vegas – 28.4% compared with 12.5%
- Charlotte – 26.6% compared with 15.2%
- Atlanta – 26.4% compared with 12.4%
- Seattle – 26.1% compared with 20.8%
- Denver – 23.6% compared with 15.4%
- Los Angeles – 23.4% compared with 14.8%
- San Francisco – 22.9% compared with 15.1%
- US Average – 20.4% compared with 15.0%
- Portland – 19.1% compared with 15.8%
- Detroit – 15.3% compared with 13.1%
- Boston – 15.1% compared with 16.2%
- Cleveland – 14.5% compared with 13.1%
- New York – 14.3% compared with 14.8%
- Chicago – 13.0% compared with 10.0%
- Washington DC – 12.7% compared with 13.4%
- Minneapolis – 12.3% compared with 11.3%
M/M Home Price Growth Continued in Only 9 of 20 Metros in April
Take a look:
- Phoenix – 32.4% in March 2022 compared to 31.3% in April 2022
- Los Angeles – 23.2% compared to 23.4%
- San Diego – 29.6% compared to 28.5%
- San Francisco – 24.1% compared to 22.9%
- Denver – 23.7% compared to 23.6%
- Washington DC – 12.9% compared to 12.7%
- Miami – 32.0% compared to 33.3%
- Tampa – 34.8% compared to 35.8%
- Atlanta – 25.7% compared to 26.4%
- Chicago – 12.9% compared to 13.0%
- Boston – 14.7% compared to 15.1%
- Detroit – 15.5% compared to 15.3%
- Minneapolis – 12.4% compared to 12.3%
- Charlotte – 26.2% compared to 26.4%
- Las Vegas – 28.5% compared to 28.4%
- New York – 13.5% compared to 14.3%
- Cleveland – 14.8% compared to 14.5%
- Portland – 19.3% compared to 19.1%
- Dallas – 30.7% compared with 31.0%
- Seattle – 27.7% compared to 26.1%
Monthly price growth averages were +2.5% for low-tier homes; +2.4% for middle-tier homes; +2.6% for high-tier homes. Obviously, buyers of low-tier homes are more vulnerable to climbing mortgage interest rates and higher home prices.
Thanks to CoreLogic.
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