US home prices post first annual decline in 11 years | CNN Business

The national index fell 0.2% in April on an annual basis, according to the report. It’s the first annual decline since 2012. However, despite the year-over-year drop from last summer’s continued surge, prices continued to rise on a monthly basis. After seasonal adjustment, the national index rose 0.5% in April from March. Both the 10-City and 20-City composites saw increases, too, rising 1% and 0.9%, respectively. Before seasonal adjustments, the national index rose 1.3% from March.

Low housing inventory creates competition and pushes prices up. May’s home price index “reinforced the idea that home prices are responsive to interest rate adjustments, as home shoppers continue to push budget boundaries in today’s pricey housing market,” said Danielle Hale, Realtor.com’s chief economist. “Home price trends are caught in a tug of war between stretched buyer budgets and limited inventory forcing competition despite reduced affordability.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Former CNN executive David Bohrman, pioneer of the 'Magic Wall,' dead at 69 | CNN BusinessDavid Bohrman, a former veteran CNN producer and executive who pioneered the use of the “Magic Wall,” died Sunday following complications after hip surgery, according to his family. He was 69.
Source: CNN - 🏆 4. / 95 Read more »

Why chaos in Russia could spell trouble for the global economy | CNN BusinessAfter the pandemic and war in Ukraine, and the inflation shock that followed, the global economy is in a precarious state. The last thing it needs right now is another nasty surprise.
Source: CNN - 🏆 4. / 95 Read more »

The world's fight against inflation is about to get more serious -- and painful | CNN BusinessCentral bankers across the globe are delivering a message: Slow and steady won’t win the race against inflation.
Source: cnni - 🏆 326. / 59 Read more »

HSBC is downsizing its headquarters and leaving London's Canary Wharf | CNN BusinessHSBC is halving the size of its global headquarters and moving out of Canary Wharf, a business district built in the abandoned docklands of east London in the 1980s.
Source: cnni - 🏆 326. / 59 Read more »