S&P CoreLogic Case-Shiller Home Price Index (HPI) Misses Forecast

S&P CoreLogic Case-Shiller Home Price Index (HPI) Misses Forecast

S&P CoreLogic Case-Shiller Home Price Index (HPI) Misses Forecast

In New York, home prices rose only 3.8 percent year-over-year, the third weakest pace among 20 major cities measured by Case-Shiller. Across all nine Census divisions, USA home prices rose 5.5 percent over the year.

Metro Denver remains among the top four major US markets for year-over-year gains in home resale prices, according to the latest S&P/Case-Shiller Home Prices Indices report.

"Since demand is exceeding supply and financing is available, there is nothing right now to keep prices from going up", Blitzer said.

In spite of today's weaker-than-expected report, the annual rate of home price appreciation continues to be within the 5 percent to 6 percent range witnessed in the past year. Analysts were expecting an increase of 5.9 percent for the month, according to Thomson Reuters consensus estimates.

David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said the April increase in prices shows demand for homes is rising but the supply of homes has hardly kept up.

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The 20-City Composite posted a 5.7% year-over-year gain, down from 5.9% in March. In April, Seattle led the way with a 12.9% year-over-year price increase, followed by Portland with 9.3%, and Dallas with an 8.4% increase.

Blitzer said it was unclear whether the market would eventually crash or gradually cool off, but adds that market conditions appear to be improving.

High demand and low inventory are responsible for home price hikes across the country, Case-Shiller says. Housing starts are increasing, foreclosure levels are low and household debt levels are manageable.

"High demand from home buyers and a limited supply of homes for sale are the main ingredients in the recipe for rising home prices". First American's index factors in changes in incomes and mortgage rates. They can't. Rather, will home-price gains gently slow, or will they crash and take the economy down with them?

The typical family looking for a starter home in the Seattle area has to spend about half their income on it, the Times report said. The real price of homes remains almost 34 percent lower than the last market peak in the summer of 2006 and is also running about 10 percent lower than the real prices in 2000.

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