Case-Shiller U.S. 20-city home price index down 1.7% year-on-year in April.
The numbers: U.S. home prices rose in April as the housing market remains frozen by a lack of for-sale listings.
Homeowners’ unwillingness to sell is pushing up home prices, despite elevated mortgage rates. The S&P CoreLogic Case-Shiller 20-city house price index rose 0.9% in April, as compared to the previous month.Though mortgage rates are still hovering around 7%, rates have not dampened buyer demand, as they’ve adjusted to higher rates.
The West coast continued to lag behind the rest of the country: Home prices fell in Seattle and in San Francisco the most. New home sales have been a bright spot for home shoppers as homebuilders add inventory, bringing some options to the market. Looking at the list of the top-performing cities, there is “remarkable diversity,” Lazzara added. New York and Cleveland inched up to spot five and six.
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