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On Tuesday, Corelogic will release its latest Home Price Insights report (HPI). Corelogic's previous report, for April, revealed a 3.6% year-over-year increase in home prices nationally, and prices are expected to increase 4.7% over the next year.
CoreLogic states that April’s HPI increase was down from the April 2018 gain of 6.6%, but a slight increase from March’s increase of 3.5%, indicating home price increases have flattened out.
The HPI analyzes four separate home-price tiers, calculated relative to the median national home sale price. The lowest price tier saw the largest increase at 5.2%, followed by low-to-middle priced tier (4.4%), middle-to-moderate priced tier (3.9%), and then the high-priced tier (2.8%).
Increases have been reported in the overall HPI on a year-over-year basis every month for the past seven years, and has gained 60.1% since March 2011. The HPI is 7.7% higher than it was at its pre-crisis peak in April 2006.
CoreLogic reports that Idaho’s 10.3 appreciation rate was once again the best in the nation, and the state has maintained that ranking for the past seven months. North Dakota saw depreciation of 5%, which is the 10th consecutive month of annual HPI decreases. Home prices in 39 states, including the District of Columbia, have increased above pre-crisis peaks.
Home prices in Connecticut for April 2019 were the farthest below their HPI, and still 18.8% below the July 2006 peak.
Meanwhile, the latest S&P CoreLogic Case-Shiller HPI reveals slower growth in home prices. April's 3.5% gain, according to the Case-Shiller HPI, is a 3.7% drop from the month prior.
April’s report is the 13th consecutive month of slowing home-price growth, which is now at its lowest level of growth since September 2012.
The 10-City Composite, increase, though, rose slightly from 2.2% to 2.3% in April, and the 20-City Composite recorded a 2.5% year-over-year increase, which is down from 2.6% from the prior month.
Here's what else is happening in the Week Ahead.
- Census Bureau Construction Spending Report (July 1)
- Ellie Mae Millennial Tracker (July 3)
- BLS Unemployment Rates (July 5)
