U.S. Home Prices Are Rising at the Slowest Pace in Nearly a Year and a Half
This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing method to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period and how those prices have changed since the last time those same homes sold. It’s similar to the S&P CoreLogic Case-Shiller Home Price Indices but publishes more than one month earlier. May data covers the three months ending
While home prices remain at record highs, the pace at which they’re growing has slowed because even though we’re still in a severe housing shortage, it’s not quite as severe as it was last year. New listings have been inching upward, which has taken a little pressure off of sale prices because buyers have more options to choose from. Listings should continue to tick up slowly as the mortgage rate lock-in effect continues to wear off; eventually, the people who don’t want to move because they have an ultra-low mortgage rate have to move.
“We learned last week that inflation continued to cool in May, which means mortgage rates could decline in late summer or early fall,” said Redfin Economics Research Lead
New listings rose 0.3% month over month in May on a seasonally adjusted basis and climbed 8.8% from a year earlier, though they were still roughly 20% below pre-pandemic levels.
Home price growth started to ease at around the same time that new listings started to tick up last year; new listings saw their first notable increase in
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Source: Redfin