National home prices rose 3.6% year-over-year in April 2019 and are expected to increase 4.7% over the next year, according to CoreLogic’s latest Home Price Index (HPI).
CoreLogic states that April’s HPI increase was down from the April 2018 gain of 6.6%, but a slight increase from March’s increase of 3.5%, indicating home price increases have flattened out.
The HPI analyzes four separate home-price tiers, calculated relative to the median national home sale price. The lowest price tier saw the largest increase at 5.2%, followed by low-to-middle priced tier (4.4%), middle-to-moderate priced tier (3.9%), and then the high-priced tier (2.8%).
Increases have been reported in the overall HPI on a year-over-year basis every month for the past seven years, and has gained 60.1% since March 2011. The HPI is 7.7% higher than it was at its pre-crisis peak in April 2006.
CoreLogic reports that Idaho’s 10.3 appreciation rate was once again the best in the nation, and the state has maintained that ranking for the past seven months. North Dakota saw depreciation of 5%, which is the 10th consecutive month of annual HPI decreases. Home prices in 39 states, including the District of Columbia, have increased above pre-crisis peaks.
Home prices in Connecticut for April 2019 were the farthest below their HPI, and still 18.8% below the July 2006 peak.
CoreLogic’s Case-Shiller home price index found last month that home prices rose 3.7% year-over-year in March, which is down from February’s 3.9% growth.
Las Vegas, Phoenix, and Tampa reported the highest year-over-year gains among the 20 cities. In March, Las Vegas led the way with an 8.2% year-over-year price increase, followed by Phoenix with a 6.1% increase, and Tampa with a 5.3% increase. Four of the 20 cities reported greater price increases in the year ending March 2019 versus the year ending February 2019.
“Home price gains continue to slow,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “The patterns seen in the last year or more continue: year over year price gains in most cities are consistently shrinking. Double-digit annual gains have vanished.”