The national index rose 0.7% in May from April, after seasonal adjustment. Both the 10-City and 20-City composites saw increases, too, rising 1.1% and 1%, respectively. Before seasonal adjustments, the national index rose 1.2% from April. May’s increase comes after an uptick in February that snapped a seven-month streak of month-over-month declines. “The rally in US home prices continued in May,” said Craig Lazzara, managing director at S&P DJI.
Current rates that are several percentage points higher than the 2%, 3% or 4% rates current homeowners bought or refinanced into over the past few years are keeping sellers in place. This is leading to historically low existing home inventory and causing existing home sales to fall nearly 20% year-over-year, according to the National Association of Realtors. “We expect this trend to keep playing out as mortgage rates remain elevated for the time being,” said Jones.
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