Home Prices Mount at Slower Pace

US home prices for April rise slower than expected

The Standard & Poor's CoreLogic Case-Shiller 20-city home price index climbed 5.7 percent in April, after increases of 5.9 percent in March and February. And according to David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices, the continuing rise in prices raises concerns of another housing crisis.

Metro Denver remains among the top four major USA markets for year-over-year gains in home resale prices, according to the latest S&P/Case-Shiller Home Prices Indices report. "Since demand is exceeding supply and financing is available, there is nothing right now to keep prices from going up", he said in a news release. The 10-city and 20-city composite indices posted annualized gains of 4.9 percent and 5.7 percent, respectively. Analysts were expecting an increase of 5.9 percent for the month, according to Thomson Reuters consensus estimates.

"The increase in real, or inflation-adjusted, home prices in the last three years shows that demand is rising", Blitzer saud.

Seattle, Portland, and Dallas reported the highest year-over-year gains among the 20 cities. The title company First American Corp. reported that real home prices actually declined by 1.6 percent in April because mortgage rates dropped slightly.

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He said increased construction, a low rate of mortgage defaults and manageable household debt should prevent a crash. The inventory of homes for sale stood at 11,615 last month, which is 2.3 months of housing supply, according to the Minneapolis Area Association of Realtors. Portland's home prices are the second fastest-growing in the country, with year-over-year gains of 9.3 percent in April.

Their data says that rental single-family homes have grown by 45 percent since 2000, especially just south of the Seattle city limits. First American's index factors in changes in incomes and mortgage rates. Low mortgage rates are also encouraging more Americans to buy homes. They can't. Rather, will home-price gains gently slow, or will they crash and take the economy down with them? And it marked the metropolitan area's slowest year-over-year price growth since September.

The Case Shiller national home price index set another record for the fifth consecutive month but as you can clearly see in the graph below the Chicago area has not even recovered to peak levels.

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