The index tracks prices on a three-month rolling average. April represents the three-month average of February, March and April prices.
Average home prices for April are back at their levels in the summer of 2004.
Compared with their peak in the summer of 2006, home prices on both indexes remain down about 18% to 19%. Since the low of March 2012, home prices are up 25% to 26% on both the 10-city and 20-city indexes.
Compared with year-ago increases of 30% in some cities, no U.S. city posted a price hike of more than 20%, with Las Vegas gaining 18.8%, Los Angeles up 14%, Phoenix up 9.8%, San Diego up 15.3%,and San Francisco up 18.2%.
The chairman of the S&P index committee said:
Although home prices rose in April, the annual gains weakened. Overall, prices are rising month-to-month but at a slower rate. … Near term economic factors favor further gains in housing: mortgage rates are lower than a year ago, the Fed is expected to keep interest rates steady until mid-2015 and the labor market is improving. However, housing is not back to normal: prices are being supported by cash sales, low inventories and declining foreclosure and REO sales. First time home buyers are not back in force and qualifying for a mortgage remains challenging. The question is whether housing will bounce back before the Fed begins to tighten sometime next year.
Another housing data point released Tuesday morning comes from the Federal Housing Finance Agency (FHFA). The agency’s monthly house price index remained flat in April, compared with March. In March, the index rose 0.7% month-over-month. The consensus estimate called for a rise of 0.5% in the April index.
ALSO READ: May Sales of Existing Homes Post Largest Gain in Three Years
The Average American Is Losing Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.
Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.
But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
