Portland metro remains near top in United States home-price gains

US home prices for April rise slower than expected

USA home prices were rising at an annual pace of 6.8 percent in April, according to the Federal Housing Finance Agency (FHFA), which tracks price changes in homes purchased with Freddie Mac and Fannie Mae loans.

New York, NY, June 27, 2017-The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.5% annual gain in April, down from 5.6% last month.

Both Seattle and Portland far outpaced national home value increases which saw an annual gain of 5.5 percent in April.

Our standard SocketSite S&P/Case-Shiller footnote: The S&P/Case-Shiller home price indices include San Francisco, San Mateo, Marin, Contra Costa and Alameda in the "San Francisco" index (i.e., greater MSA) and are imperfect in factoring out changes in property values due to improvements versus appreciation (although they try their best).




"If mortgage rates, now near 4 percent, rise further, this could deter more people from selling and keep pressure on inventories and prices", Blitzer said in a statement.

On a monthly basis, prices in the 20 cities rose 0.3 percent in April on a seasonally adjusted basis, the survey showed, short of expectations calling for a 0.4 percent increase. The median price of a Twin Cities metro area home in May was $250,000, according to MAAR, 5.5 percent higher than it was a year earlier. At the same time, the supply of homes for sale has barely kept pace with demand and the inventory of new or existing homes for sale shrunk down to only a four- month supply. "For the moment, conditions appear favorable for avoiding a crash". Housing starts are increasing, foreclosure levels are low and household debt levels are manageable.

But, he added, "The question is not if home prices can climb without any limit". Any increase in mortgage interest rates would dampen demand. And many single-family homes were converted to rentals after the housing bust and are likely to remain off the for-sale market. Those gains were the highest in almost three years. They can't. Rather, will home-price gains gently slow, or will they crash and take the economy down with them?

Seattle, Portland, Oregon, and Dallas reported the highest year-over-year gains in April.

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