by Calculated Risk on 5/05/2025 11:56:00 AM
Today, in the Real Estate Newsletter: ICE Mortgage Monitor: Home Prices Continue to Cool
Brief excerpt:
House Price Growth Continues to Slow
Here is the year-over-year in house prices according to the ICE Home Price Index (HPI). The ICE HPI is a repeat sales index. ICE reports the median price change of the repeat sales. The index was up 2.4% year-over-year in March, down from 3.5% YoY in February. The early look at the April HPI shows a 1.9% YoY increase.
• Improved inventory levels are providing more options and a softer price dynamic for homeowners shopping this spring
• Annual home price growth cooled to a revised +2.4% in March from +3.5% at the start of the year, with an early look at April data via ICE’s enhanced Home Price Index suggesting price growth has cooled further to +1.9% which would mark the slowest growth rate in nearly two years
• Early April data also shows home prices rose by a modest 0.1% in the month on a seasonally adjusted basis, which would mark the softest single month growth since late 2023 when mortgage rates had climbed above 7.5%
• If recent seasonally adjusted gains persist, the annual home price growth rate would cool further in Q2
• Single family prices were up by +2.1% from the same time last year, with condos down -0.4%, marking the first such annual decline since 2012
• All in, nearly half of major markets are seeing condo prices down from last years levels, with the largest declines in Florida, especially in areas heavily impacted by last year’s hurricanes
There is much more in the mortgage monitor.
There is much more in the newsletter.
