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Home Price Growth Slows in April

Despite upswings in every state and year-over-year home prices increasing in April for the 26th consecutive month, the CoreLogic Home Price Index report released June 2 noted that the price appreciation trend is slowing. The 10.5 percent year-over-year increase in April marked the smallest margin of price growth since February 2013.

Year-over-year home prices increased for a 26th consecutive month in April, according to the CoreLogic Home Price Index (HPI), adding 10.5 percent from the HPI in April 2013 and 2.1 percent since March. The increase was the smallest year-over-year increase since February 2013.

The price growth remains broad, as no states posted declines on the distressed or the non-distressed index. Eight states established new home price peaks (Colorado, Louisiana, Nebraska, Oklahoma, North Dakota, South Dakota, Texas, and Wyoming) and another 15 states and the District of Columbia are at or within 10 percent of previously established peak prices. Despite the ongoing growth, the CoreLogic report notes that the trend has slowed markedly.

"The weakness in home sales that began a few months ago is clearly signaling a slowdown in price appreciation," CoreLogic deputy chief economist Sam Khater said. "The 10.5 percent increase in April, compared to a year earlier, was the slowest rate of appreciation in 14 months."

The five states with the highest year-over-year home price appreciation on this index were California (+15.6 percent), Nevada (+14.8 percent), Hawaii (+14.1 percent), Oregon (+11.8 percent) and Michigan (+11.3 percent).

Excluding distressed sales, the HPI showed home prices increasing 8.3 percent from the previous April and 1.1 percent month-over-month. States with the highest home price appreciation were: Hawaii (+13.0 percent), California (+11.4 percent), Nevada (+11.1 percent), New York (+10.3 percent) and Florida (+10.2 percent).

"Home prices are continuing to rise as we head into the summer months," said CoreLogic president and CEO Anand Nallathambi. "The purchase market continues to suffer from a dearth of inventory which we expect will continue to drive prices up over the year."

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September 18, 2019, 7:35 am PDT

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