Nationally, monthly asking prices rose point-8 percent in March while quarterly asking prices jumped 2-
point 8 percent. However, according to an analysis of Trulia’s Price Monitor, yearly asking prices increased
a mere 9 percent, the smallest gain in 11 months. The slowdown of yearly asking price is credited to a large
price spike during the housing recovery in February and April of 2013. Year-over-year changes in April
2014 no longer reflect these elevated months, dropping yearly asking price numbers.
According to chief economist Jed Kolko, the yearly slowdown can also be attributed to dwindling
construction permit numbers. The U.S. Census revealed that markets with the largest price rebounds are
still lagging behind in construction activity. Even cities experiencing the largest booms in construction,
metros like New York, Boston, or San Francisco, are seeing multi-unit buildings for apartments, not sold as
condos. Kolko commented that builders are building in markets that avoided the worst of the bust, and thus
have a smaller price rebound.
The Mortgage Bankers Association released its Credit Availability Index, which analyzes data from the All
Regs Market Clarity Product. The index noted that mortgage credit availability was down slightly in April
by roughly point-2 percent, signaling a tightening of standards in the mortgage industry. The current index
reading is 113-point 8 from March to April, still above the index benchmark of 100. This is the first time
since November that the MBA has reported a decrease in the MCAI.
You can find more on these stories—and all your latest industry headlines—right here on our site. Thanks
for joining us. We'll see you again on Tuesday. Until then, stay with DSNews.com for all of your most
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