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The Week Ahead: Tracking Homes Prices’ Ascent

CoreLogic will release its Case-Shiller Index on Tuesday after its prior report found home prices rose 4.7% annually. This is the highest annual gain since December 2018—maintaining the nine consecutive months of steady increases.

The 1.01% month-to-month increase is the most rapid since April 2018, according to the national Case-Shiller Index.

Seemingly overlooking stay-at-home orders and a virtual nationwide freeze in housing markets, the unblemished price growth is a sign of continued homebuyer demand, which is further muscling an additional historical sag in interest rates, the Index found. The 30-year fixed-rate mortgage is at its lowest since the spring of 2013. It drooped even lower after April.

In the shadow of the pandemic, the housing market’s also received a significant boost from favorable demographics--particularly millennials reaching the home-buying age.

Meantime, the 10-and 20-city composite indexes also continued to balloon. In April, the 20-city index experienced more rapid growth. Some of the smaller metro areas, where housing demand this year has flashed particular brawn, is covered by that index.

From a geographic standpoint, for the 11th month in a row, with a jump to 8.8% compared to last April, Phoenix, which is included in the 20-city S&P CoreLogic Case-Shiller Indexes, kept up the highest growth rate in home prices. Seattle, again, was second at 7.3% year over year.

On the other hand, where the 12-month homes continued their spiral, included New York at 2.5% and Chicago, 1.4%. However, compared to the prior month, New York’s rate of growth caught a tail breeze in April.

 

Here's what else is happening in The Week Ahead:

U.S. Homeownership Rate (Tuesday)

LL100 Webinar on Foreclosure Process (Wednesday)

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.
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