Wall Street Journal writer Laura Kusisto reported this week that, “Home-price gains moderated edged lower slightly in April, a sign that rising mortgage rates may be putting slight downward pressure on what consumers are able and willing to pay for homes.
“The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the U.S.nation, rose 6.4% in April, down from a 6.5% year-over-year increase reported in March.
“The 10-city index gained 6.2% over the year, down slightly from 6.4% the prior month. The 20-city index gained 6.6%, down from 6.7% the previous month. Economists surveyed by The Wall Street Journal had expected stronger home price growth in April, with the 20-city index gaining 6.8%.”
The Journal article added that, “While the price gains lost a bit of momentum last month, prices continue to grow faster than both incomes and inflation. Half of the U.S. housing markets in the country are now above their 2006 peaks. (Accounting for inflation just three markets are above that peak.)
“The biggest price gains remained are concentrated in the West. Seattle saw a 13.1% annual gain in prices in April, compared with a year earlier, while Las Vegas prices increased 12.7% and San Francisco saw a 10.9% increase.”
