CoreLogic will release its latest Case Shiller Home Price Index (HPI) on Tuesday, June 25, hoping to improve on March’s increase of 3.7%.
March’s increase was a slight dip from February’s 3.9% growth. The HPI’s 20-City Composite posted a 2.7% year-over-year gain, down from 3.0% the previous month.
Las Vegas, Nevada, Phoenix, Arizona, and Tampa, Florida, had the highest year-over-year gains of the 20 cities. Las Vegas led the nation in May with an 8.2% increase from 2018.
“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.”
Dr. Ralph McLaughlin, Deputy Chief Economist and Executive of Research and Insights at CoreLogic, noted what the latest HPI’s data means for the housing market.
“The U.S. housing market moderation has now lasted a year, driven by considerable slowing in the nation’s most expensive markets,” McLaughlin stated. “While the slowdown is most pronounced in these areas, all of the 20-city markets are slowing, suggesting the cooldown has broken from its confines in the West. However, with the 10-year treasury falling, we can expect mortgage rates to continue to decline this spring. This should help to take the cold edge off what has otherwise been a market slow to thaw from the winter months.”
Redfin reported last week that home-sale price increased 3.6% from 2018 to an average price of $315,700—the largest annual price increase in seven months.
Just six of the 85 largest metro’s tracked by Redfin saw year-over-year declines in their median sale price. San Jose, California’s 6% drop was the biggest in the nation, and was followed by New York, New York (-2.5%), and Honolulu, Hawaii (-2.2%).
Here's what else is happening in The Week Ahead:
FHFA House Price Index (June 25)
NAR Pending Home Sales Index (June 27)