![]() On an annual basis, however, home prices fell 0.2% - the first yearly drop since 2012, according to the S&P report. The 30-year fixed-rate mortgage averaged 6.67% for the week ending June 22, according to data released last week by Freddie Mac. He added: “Whether we see further support for that view in coming months will depend on how well the market navigates the challenges posed by current mortgage rates and the continuing possibility of economic weakness.” The recovery, Lazzara said, is broad-based: On a non-seasonally adjusted basis, prices rose in all 20 of the major cities tracked by the index, and when looking at seasonally adjusted data, all rose except for the Phoenix market, which as slightly down. “If I were trying to make a case that the decline in home prices that began in June 2022 had definitively ended in January 2023, April’s data would bolster my argument.” “The US housing market continued to strengthen in April 2023,” said Craig Lazzara, managing director at S&P DJI. April’s increase comes after an uptick in February that snapped a seven-month streak of month-over-month declines. Before seasonal adjustments, the national index rose 1.3% from March. Both the 10-City and 20-City composites saw increases, too, rising 1% and 0.9%, respectively. ![]() Home prices rose in April for a third consecutive month, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index released Tuesday.Īfter seasonal adjustment, the national index rose 0.5% in April from March.
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