Source: Scotsman Guide —
The S&P CoreLogic Case-Shiller National Home Price Index registered a 20.4% annualized gain in April, down slightly from the 20.6% growth in March as stubbornly growing home prices finally saw a slight deceleration.
The slowdown in April came after four months of escalation as home prices rose again after a winter lull. The index, which publicly releases data with a two-month lag, is finally showing some evidence of softening homebuyer activity driven by eroding affordability.
“Signs of a tipping point in the housing market toward a greater balance between buyers and sellers are spreading wider, albeit only compared with some of the most competitive conditions seen since the early 2000s,” wrote Selma Hepp, deputy chief economist at CoreLogic, on the company’s blog. “More specifically, there is a buildup in overall active inventory as fewer buyers are rushing to make offers, resulting in an increase in the number of homes that have had price reductions from the original list price.”
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