US home prices smashed another record high in April
What was the national home price increase rate in April?
In April, the national home price increase rate was 6.3% annually, according to the S&P CoreLogic Case-Shiller index. This marks a decrease from the 8.3% annual growth recorded in March. On a monthly basis, prices rose by 0.3%.
What is the predicted trend for mortgage rates in 2024?
Mortgage rates are expected to gradually decline throughout 2024, with the average 30-year fixed rate potentially reaching 5.75% by the end of the year, according to Bankrate's chief financial analyst, Greg McBride6. The Mortgage Bankers Association forecasts a similar outlook, projecting rates to slide to 6.1% by the end of 2024.
What was the year-over-year price gain in San Diego in April?
In April, San Diego home prices increased by 10.3% year over year, according to the S&P CoreLogic Case-Shiller index. This marks the largest price gain among the 20 major metro markets tracked by the index. The increase in prices can be attributed to a housing shortage and high mortgage rates, which have worsened the affordability crisis in the region.