{"id":28106,"date":"2023-06-27T09:16:24","date_gmt":"2023-06-27T13:16:24","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/u-s-home-prices-rise-in-april-signaling-a-recovery-in-the-sector-case-shiller-says\/"},"modified":"2023-06-27T09:16:26","modified_gmt":"2023-06-27T13:16:26","slug":"u-s-home-prices-rise-in-april-signaling-a-recovery-in-the-sector-case-shiller-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=28106","title":{"rendered":"U.S. home prices rise in April, signaling a recovery in the sector, Case-Shiller says"},"content":{"rendered":"
\n

The numbers:<\/strong> U.S. home prices rose in April as the housing market remains frozen by a lack of for-sale listings.\u00a0<\/p>\n

Homeowners\u2019 unwillingness to sell is pushing up home prices, despite elevated mortgage rates. The S&P CoreLogic Case-Shiller 20-city house price index rose 0.9% in April, as compared to the previous month.\u00a0<\/p>\n

\n

Home prices were strongest in the Southeast, while the rest of the country saw declines.\u00a0\u00a0<\/p>\n

Though mortgage rates are still hovering around 7%, rates have not dampened buyer demand, as they\u2019ve adjusted to higher rates.<\/p>\n

Year-over-year appreciation in home prices in April was down 1.7%, accelerating from a dip last month of 1.1%.\u00a0<\/p>\n

A broader measure of home prices, the national index, rose month-over-month in April by 0.5%, but was down 0.2% over the past year.\u00a0<\/p>\n

All numbers are seasonally adjusted.<\/p>\n

Key details: <\/strong>The Southeast is no longer the only place where people can find home price growth, with Chicago joining the ranks of the top three cities with the highest year-over-year gains among the 20 cities in April. Tampa took the top spot, while Atlanta ranked third.<\/p>\n

The West coast continued to lag behind the rest of the country: Home prices fell in Seattle and in San Francisco the most.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Cities<\/strong><\/p>\n<\/td>\n\n Change from last year<\/strong><\/p>\n<\/td>\n<\/tr>\n
\n Atlanta<\/p>\n<\/td>\n\n 3.5%<\/p>\n<\/td>\n<\/tr>\n
\n Boston<\/p>\n<\/td>\n\n 0.9%<\/p>\n<\/td>\n<\/tr>\n
\n Charlotte<\/p>\n<\/td>\n\n 3.4%<\/p>\n<\/td>\n<\/tr>\n
\n Chicago<\/p>\n<\/td>\n\n 4.1%<\/p>\n<\/td>\n<\/tr>\n
\n Cleveland<\/p>\n<\/td>\n\n 2.9%<\/p>\n<\/td>\n<\/tr>\n
\n Dallas<\/p>\n<\/td>\n\n -2.9%<\/p>\n<\/td>\n<\/tr>\n
\n Denver<\/p>\n<\/td>\n\n -4.5%<\/p>\n<\/td>\n<\/tr>\n
\n Detroit<\/p>\n<\/td>\n\n 1.1%<\/p>\n<\/td>\n<\/tr>\n
\n Las Vegas\u00a0<\/p>\n<\/td>\n\n -6.6%<\/p>\n<\/td>\n<\/tr>\n
\n Los Angeles<\/p>\n<\/td>\n\n -3.2%<\/p>\n<\/td>\n<\/tr>\n
\n Miami<\/p>\n<\/td>\n\n 5.2%<\/p>\n<\/td>\n<\/tr>\n
\n Minneapolis<\/p>\n<\/td>\n\n 0.0%<\/p>\n<\/td>\n<\/tr>\n
\n New York<\/p>\n<\/td>\n\n 3.0%<\/p>\n<\/td>\n<\/tr>\n
\n Phoenix<\/p>\n<\/td>\n\n -6.1%<\/p>\n<\/td>\n<\/tr>\n
\n Portland<\/p>\n<\/td>\n\n -5.2%<\/p>\n<\/td>\n<\/tr>\n
\n San Diego<\/p>\n<\/td>\n\n -5.6%<\/p>\n<\/td>\n<\/tr>\n
\n San Francisco<\/p>\n<\/td>\n\n -11.1%<\/p>\n<\/td>\n<\/tr>\n
\n Seattle<\/p>\n<\/td>\n\n -12.4%<\/p>\n<\/td>\n<\/tr>\n
\n Tampa<\/p>\n<\/td>\n\n 2.4%<\/p>\n<\/td>\n<\/tr>\n
\n Washington<\/p>\n<\/td>\n\n -0.5%<\/p>\n<\/td>\n<\/tr>\n
\n Composite-20<\/p>\n<\/td>\n\n -1.7%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

A separate report from the Federal Housing Finance Agency also showed home prices rising in April, up 0.7% from March. Home prices were the strongest in New England, according to the government\u2019s data.<\/p>\n

And over the last year, the FHFA index was up 3.1%.<\/p>\n

Big picture: <\/strong>Housing is facing a crisis of demand and supply, but it\u2019s broadly recovered as buyers are adjusting to the new normal of high rates.\u00a0<\/p>\n

There\u2019s a shortage of homes for sale and there\u2019s too much demand from aspiring homeowners to purchase homes. Homeowners feel no compulsion to sell. There\u2019s little incentive for homeowners to give up their ultra-low mortgage rate for a home loan that\u2019s in the 7% range.\u00a0<\/p>\n

New home sales have been a bright spot for home shoppers as homebuilders add inventory, bringing some options to the market.\u00a0<\/p>\n

What S&P said:<\/strong> \u201cThe ongoing recovery in home prices is broadly based,\u201d Craig J. Lazzara, managing director at S&P DJI, said.\u00a0<\/p>\n

Home prices in 19 out of the 20 major cities rose in April, he noted, when looking at seasonally adjusted data.<\/p>\n

Looking at the list of the top-performing cities, there is \u201cremarkable diversity,\u201d\u00a0 Lazzara added. New York and Cleveland inched up to spot five and six.<\/p>\n

Market reaction:<\/strong> Stocks
\n DJIA,
\n -0.04%<\/bg-quote><\/p>\n

SPX,
\n -0.45%<\/bg-quote>
\n were trending down before the market opened on Tuesday The yield on the 10-year Treasury note
\n TMUBMUSD30Y,
\n 3.823%<\/bg-quote>
\n rose above 3.7%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The numbers: U.S. home prices rose in April as the housing market remains frozen by a lack of for-sale listings.\u00a0 Homeowners\u2019 unwillingness to sell is pushing up home prices, despite elevated mortgage rates. The S&P CoreLogic Case-Shiller 20-city house price index rose 0.9% in April, as compared to the previous month.\u00a0 Home prices were strongest […]<\/p>\n","protected":false},"author":1,"featured_media":28107,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-28106","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nU.S. home prices rise in April, signaling a recovery in the sector, Case-Shiller says | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The numbers: U.S. home prices rose in April as the housing market remains frozen by a lack of for-sale listings.\u00a0 Homeowners\u2019 unwillingness to sell is\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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