Home prices set another record in April, even as mortgage rates rose and the supply of homes for sale increased. Usually, under those circumstances, prices would weaken, but today’s housing market is unlike any other in recent history.
Prices in April rose 6.3% compared with the year-earlier month, according to the S&P CoreLogic Case-Shiller National Home Price Index. It marks the second straight month that the national index jumped at least 1% over its previous all-time high.
Although this is a three-month moving average, it’s important to note that those price gains come even as the average rate on the 30-year fixed mortgage jumped sharply in April, from 6.9% to 7.5%, according to Mortgage News Daily.
“2024 is closely tracking the strong start observed last year, where March and April posted the largest rise seen prior to a slowdown in the summer and fall,” said Brian Luke, head of…
