The pace of home price increases slowed slightly from April to May, but the change in each of the three S&P CoreLogic Case-Shiller indices and the Federal Housing Finance Agency’s (FHFA’s) House Price Index was less than 1 percentage point. Case-Shiller’s National Home Price Index which covers all nine census divisions was up 19.7 percent compared to May 2021. Its 0.9-point deceleration from the annual rate in April was the largest for any of the indices . The 10-City Composite grew 19.0 percent on an annual basis compared to 19.6 percent in April, and the 20-City Composite slowed to 20.5 percent from 21.2 percent the month before. Tampa, Miami, and Dallas reported the highest year-over-year gains among the 20 cities in May. Tampa led the way for the third consecutive month with a 36.1 percent year-over-year price increase. Miami was second with a 34.0 percent gain, followed by Dallas at 30.8 percent. Four of the 20 cities tracked reported higher price increases in the year ending May 2022 versus the year ending April 2022. On a monthly basis the National Index was up 1.5 percent on a seasonally adjusted basis and 1.0 percent unadjusted. The seasonally adjusted 10-City and 20-City Composites posted increases of 1.4 percent and 1.5 percent, and both were 1.3 percent higher before adjustment. All 20 cities reported increases before and after seasonal adjustments. CoreLogic Deputy Chief Economist Selma Hepp said that, while higher mortgage rates and growing recession concerns dampened homebuyer demand in June, it remains robust in parts of the country. She expects price growth to slow but said it is likely to remain in double digits through the remainder of this year.”  

Published On: July 26, 2022 / Categories: Mortgage News /