This week, the S&P CoreLogic Case-Shiller National Home Price Index showed home prices experiencing their first year-over-year decline since April 2012.
It's important to note that the Case-Shiller index measures repeat-sales data and reports on a two-month delay, reflecting a three-month moving average. Homes usually go under contract a month or two before they close, so the April data is based on purchase decisions made early this year or late last year.
Also, home prices have not fallen as much as some economists expected because higher mortgage rates (a 30-year fixed mortgage rate was 6.67% this week, almost a point higher than last year) have made current homeowners reluctant to sell.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
