Mortgage Industry News
« Return to Mortgage Industry News
Home Price Growth Slows, Mostly Unchanged in April
Tuesday, May 5, 2020
CoreLogic's Home Price
Index for March showed that the spring market started out strongly, with price
appreciation from the previous month of 1.3 percent compared to a gain of 0.6
percent from January to February. The annual increase was 4.5 percent, a half
point more than the year-over-year increase the previous month That, however, is
history. The company, in its first official HPI forecast since a national emergency
declaration regarding the COVID-19 pandemic, predicts that home price growth
will fall to an annual rate of 0.5 percent by March 2021. It also estimates
that given the strong market for homes that existed at the beginning of the
year, home prices did not plummet precipitately immediately after the virus
began to spread and the country official entered a recession. Despite a decline of 26 percent in the number of
closed home sales in the last two weeks of March, CoreLogic estimates that
prices rose 0.6 percent between March and April.
Read Full Article