The slight deceleration of home prices in April comes as the Federal Reserve's efforts to tame scorching-hot inflation have pushed mortgage rates near 6%.
Meanwhile, the 10-city composite index jumped 19.7% on an annual basis, up from 19.5% in the previous month, and the 20-city composite index posted a 21.2% year-over-year gain, up from 21.1% in the previous month and the largest annual gain on record.
Before a seasonal adjustment, the U.S. national index posted a 2.1% month-over-month increase in April, while the 10-city and 20-city composite indexes posted gains of 2.2% and 2.3%, respectively. After a seasonal adjustment, the U.S. national index posted a month-over-month bump of 1.5%, and the 10-city and 20-city composite indexes both posted increases of 1.8%.
However, he said that mortgage rate financing has become more expensive as the Federal Reserve has hiked interest rates to bring down inflation, a process that had only just begun when the April data was gathered. Last week, the average commitment for a, according to Freddie Mac, the highest level since November 2008.
"A more - challenging macroeconomic environment may not support extraordinary home price growth for much longer," Lazzara added. Nine of the 20 cities reported higher price increases in the year ending April 2022 versus the year ending March 2022. Tampa led the way for the second consecutive month with a 35.8% year-over-year price increase, followed by Miami with a 33.3% increase, and Phoenix with a 31.3% increase.
Prices were strongest in the South and Southeast with increases of 30.6% and 30.5%, respectively. Meanwhile, the Midwest and Northeast saw double-digit gains of 13.8% and 14%, respectively. The latest data comes as pending home sales climbed 0.7% in May, breaking a six-month streak of declines, according to the National Association of Realtors.
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