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Case-Shiller: June Home Prices Grew at Slowest Pace in 12 Years

August 28, 2019 by Kay Monigold

Case-Shiller June Home Prices Grew at Slowest Pace in 12 YearsHome price growth continued to slow in June according to Case-Shiller’s 20-City Home Price Index. 17 cities reported higher home prices in June, but three cities reported lower home prices month-to-month. Seattle, Washington was the only city to report lower home prices year-over-year in June.

Phoenix, Arizona Home Price Growth Highest in June

Phoenix, Arizona toppled Last Vegas, Nevada’s hold on first place for home price growth in June. According to Case-Shiller’s 20-City Home Price Index, home prices in Phoenix rose by 5.80 percent year-over-year in June. Las Vegas, Nevada followed closely with year-over-year home price growth of 5.50 percent. Tampa, Florida had the third highest rate of home price growth with a year-over-year reading of 4.70 percent.

Home prices also slowed nationally; Case-Shiller reported 3.10 percent growth as compared to May’s year-over-year pace of 3.30 percent growth in home prices.

Home Buyers Leaving High-Cost West Coast

Analysts pointed out that recent slowing in home price growth followed a long period of rapidly rising home prices and higher mortgage rates. This sidelined many buyers as cash buyers and investors competed for fewer available homes. First-time and moderate income buyers could not afford rapidly rising prices and mortgages. Stricter mortgage loan requirements put in place after the Great Recession made qualifying for home loans more difficult.

Homeowners may not be seeing top pricing, buyer competition and offers higher than their asking prices, but after the long and fast increase in home prices, many sellers stand to realize significant profits after years of gains. At the height of the housing recovery, cities on the west coast saw steep rises in home prices. Seattle, Washington, Portland, Oregon and San Francisco, California enjoyed rapid home price growth as buyers paid cash and outbid each other, but lagging home price growth suggests that sky-high home prices have peaked in the West.

Seattle, Washington was the first city to show a year-over-year drop in home prices. Low mortgage rates may encourage formerly sidelined home buyers to enter the housing market. Analysts said that the only obstacle to increasing home sales might be homeowners unwilling to sell as home prices ease. Consumer concerns over the economic impact of trade tariffs may delay decisions to buy a home as consumer costs continue to rise. Home builders share these concerns as the cost of imported building materials increases.

 

Filed Under: Market Outlook Tagged With: Case Shiller, Market Conditions, Market Trends

Case-Shiller: Home Prices Growth Slows in March

August 1, 2019 by Kay Monigold

Case-Shiller: Home Prices Growth Slows in MarchHome price growth slowed again in May according to Case-Shiller home price indices. Home price growth slowed for the 14th consecutive month to its lowest rate in 12 years. Case-Shiller’s National Home Price Index showed 3.40 percent growth year-over-year in May as compared to April’s year-over-year reading of 3.50 percent.

Las Vegas, Nevada held its first place position in the 20-City Home Price Index for highest year-over-year home price growth rate at 6.40 percent; Phoenix, Arizona held second place with a year-over-year home price growth reading of 5.70 percent. Tampa, Florida home prices grew by 5.10 percent year-over-year in May.

Home Price Growth Rates Fall In West Coast Cities

West coast cities that posted double-digit annual home price gains in recent years posted less than two percent growth in home prices in May. Seattle, Washington was the first city to post negative home price growth with a negative year-over-year reading of -1.20 percent in May. San Francisco, California home prices rose by 1.00 percent year-over-year and home prices in San Diego, California grew 1.30 percent year-over-year.

This trend suggests that home prices were topped out in terms of affordability as buyers looked elsewhere for larger selections of homes at affordable prices.

Analysts predicted a plateau in home price growth and did not expect steep declines in home prices. Steady growth in wages and jobs could help to ease affordability challenges for home buyers. Lower mortgage rates provided additional opportunity for first-time and moderate income home buyers, but home price growth needs to ease further to help would-be buyers conquer affordability concerns. Shortages of homes for sale are most pronounced for lower-priced homes, where demand is largest. Higher demand for homes during the peak selling season could boost prices in popular metro areas.

If you’re in the market for a new home or interested in refinancing your current property, please contact your trusted home mortgage professional.

Filed Under: Market Outlook Tagged With: Case Shiller, Market Outlook, Market Trends

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Kay MonigoldKay Monigold
Owner/Mortgage Broker/Residential Mortgage Loan Originator
NMLS#1086176

Ron MartinRon Martin
Residential Mortgage Loan Originator

NMLS#316821

Steven LoweSteven P Lowe, Sr
Residential Mortgage Loan Originator
NMLS #1085638

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