U.S. house prices rose in again April, continuing their steady four-year climb and still soaring past where they were at their pre-recession peak, according to the latest House Price Index report from the Federal Housing Finance Agency. April’s national HPI closed at 233 point 8, which is nearly a 6 percent year-over-year increase. Since October 2015, the national house price index level has surpassed the prior peak level from March 2007.
The extraordinarily high appreciation over the past several years refers to the unwavering climb in house prices since the spring of 2012. A year earlier, the index hit its nadir and then spent the following 12 months stutter-starting. But since early 2012, the index has been all uphill. Last November, the HPI surpassed its March 2007 perch.
Existing-home sales in May hit their highest pace in almost a decade, while the uptick in demand this spring amidst lagging supply levels pushed the median sales higher, according to the National Association of Realtors. May’s total existing-home sales grew 1 point 8 percent from April to a seasonally adjusted annual rate of 5 point 53 million and are now up 4 point 5 percent from a year ago. This puts existing home sales at their highest annual pace since February 2007, which hit 5 point 79 million.