Home Price Gains Ease but Expected to Finish Year in Double Digits

The pace of home price increases slowed slightly from April to May, but the change in each of the three S&P CoreLogic Case-Shiller indices and the Federal Housing Finance Agency’s (FHFA’s) House Price Index was less than 1 percentage point. Case-Shiller’s National Home Price Index which covers all nine census divisions was up 19.7 percent compared to May 2021. Its 0.9-point deceleration from the annual rate in April was the largest for any of the indices . The 10-City Composite grew 19.0 percent on an annual basis compared to 19.6 percent in April, and the 20-City Composite slowed to 20.5 percent from 21.2 percent the month before. Tampa, Miami, and Dallas reported the highest year-over-year gains among the 20 cities in May. Tampa led the way for the third consecutive month with a 36.1 percent year-over-year price increase. Miami was second with a 34.0 percent gain, followed by Dallas at 30.8 percent. Four of the 20 cities tracked reported higher price increases in the year ending May 2022 versus the year ending April 2022. On a monthly basis the National Index was up 1.5 percent on a seasonally adjusted basis and 1.0 percent unadjusted. The seasonally adjusted 10-City and 20-City Composites posted increases of 1.4 percent and 1.5 percent, and both were 1.3 percent higher before adjustment. All 20 cities reported increases before and after seasonal adjustments. CoreLogic Deputy Chief Economist Selma Hepp said that, while higher mortgage rates and growing recession concerns dampened homebuyer demand in June, it remains robust in parts of the country. She expects price growth to slow but said it is likely to remain in double digits through the remainder of this year.”

July 26, 2022 Download our Mobile App: Download our Mobile App: Housing News Home Price Gains Ease but Expected to Finish Year in Double Digits The pace of home price increases slowed slightly from April to May, but the change in each of the three S&P CoreLogic Case-Shiller indices and the Federal Housing Finance Agency’s (FHFA’s) House Price Index was less than 1 percentage point. Case... (read more) Housing News New Home Sales Fall Below 600K New home sales fell again in June, more than wiping out the increase posted for May. The U.S. Census Bureau and the Department of Housing and Urban Development said sales during the month were at a seasonally adjusted annual rate of 590,000 units. Th... (read more) Mortgage Rate Watch Repeat After Me: The Fed Doesn't Directly Hike/Cut Mortgage Rates Some quick housekeeping before we dig into the headline: mortgage rates are slightly higher so far this week. The increases were in place on Monday. Tuesday started stronger, but most lenders pulled back to Monday's levels after bonds los... (read more) Rob Chrisman Lead Gen, REO Mgt., Subservicing Tools; Conforming Conventional Changes; Markets Await FOMC Meeting What in blazes?! The Choco Taco has met its demise?! Food is something we all have in common. Last week’s, “Knowledge is knowing a tomato is a fruit. Wisdom is not putting it in a fruit salad,” prompted Henry Salomon to send, “And philosophy is wonde... (read more) Mortgage Rates Repeat After Me: The Fed Doesn't Directly Hike/Cut Mortgage Rates 30 Yr. Fixed Rate 5.55% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 5.55% +0.01 0.00 15 Yr. Fixed 4.78% -0.02 0.00 30 Yr. FHA 5.13% -0.01 0.00 30 Yr. Jumbo 4.75% -0.01 0.00 5/1 ARM 5.38% -0.01 0.00 30 Yr. VA 5.19% -0.01 0.00 Updates Daily - Last Update: 7/26 15 Yr. Fixed Rate 4.78% -0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 5.30% -0.40 0.80 15 Yr. Fixed 4.45% -0.38 0.80 5/1 Yr. ARM 4.19% -0.31 0.40 Updates Weekly - Last Update: 7/7 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 5.82% +0.08 0.59 15 Yr. Fixed 4.88% -0.05 0.76 30 Yr. Jumbo 5.31% +0.06 0.38 Updates Weekly - Last Update: 7/20 MBS / Treasuries UMBS 30YR 4.5 100.52 -0.23 Price / Yield Change MBS UMBS 4.5 100.52 -0.23 UMBS 5.0 101.67 -0.14 GNMA 4.5 100.94 -0.20 GNMA 5.0 101.72 -0.14 Pricing as of: 7/26 5:21PM EST 10 Year US Treasury 2.8087 +0.0018 Price / Yield Change US Treasury 2 YR Treasury 3.057 +0.039 5 YR Treasury 2.905 +0.017 7 YR Treasury 2.889 +0.005 10 YR Treasury 2.809 +0.002 30 YR Treasury 3.028 -0.001 Pricing as of: 7/26 5:21PM EST Latest Video We're confident you'll see home buyer demand come back strongly, says Everc... Homes are being marked down near the end of the summer, says Redfin CEO The marketplace has swung from too bearish to a little too bullish on Fed f... The 2pm Bond Report — July 26, 2022 Around the Web CNBC Homebuilders are boosting incentives as they suddenly struggle to sell homes Eye on Housing Housing Demand Flattens as 1st-Time Buyers Retreat CNBC Most investors, economists see Fed rate hikes causing a recession within one year, CNBC survey shows CNBC The Fed could surprise markets by sounding even more aggressive as economy teeters CNBC Home price growth slowed for the second straight month in May, S&P Case-Shiller says Calculated Risk Blog Housing Inventory July 25th Update: Up 30.5% Year-over-year Calculated Risk Blog Comments on May Case-Shiller and FHFA House Price Increases Reuters Fed's united front on interest rates may soon be tested Black Knight Black Knights First Look at June 2022 Mortgage Data CNBC IMF slashes global GDP forecast as economic outlook grows 'gloomy and more uncertain' CNBC The numbers show the U.S. economy is at least teetering on a recession CNBC U.S. Treasury yields edge lower ahead of key Fed decision CNBC Gas prices are lower, but for the Fed and consumers, inflation remains a commodities story

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