With YoY growth having endlessly risen to its strongest since June 2014, April’s Case-Shiller data was a sudden disappointment with growth slowing to 6.56% YoY (slowest since Jan)…
as the 0.2%, MoM gain was the weakest since July 2017.
But the 20-City Composite Price has now surpassed the June 2006 record high…
All 20 cities in the index showed year-over-year gains, led by a 13.1 percent increase in Seattle and a 12.7 percent advance in Las Vegas.
And once again, every major US region is still seeing home prices accelerating faster than income growth…
…And 15 of the 20 are growth at more than double the rate of incomes!
“The favorable economy and moderate mortgage rates both support recent gains in housing,” David Blitzer, chairman of the S&P index committee, said in a statement. “One factor pushing prices up is the continued low supply of homes for sale. The months-supply is currently 4.3 months, up from levels below 4 months earlier in the year, but still low.”
Finally, we point out that this is the weakest April home price growth since 2011
And home prices fell in New York, San Francisco and Washington from the prior month.
