Home Prices Rise Nationally 5.4% Annually in April

According to CoreLogic home prices rose nationally 5.4% annually in April, a sharp increase from the 4.5% annual increase in March. The prices gains were driven by a record decline in the number of homes available for sale. In April, many sellers pulled their listing and those who were planning on listing for spring, decided to postpone their listing for a better time. On a year-over-year basis there were -25% fewer entry-level homes for sale in April 2020, then in April 2019. Frank Nothaft, chief economist for CoreLogic said “The very low inventory of homes for sale, coupled with home buyers’ spur of record-low mortgage rates, will likely continue to support home price growth during the spring.” At the same time CoreLogic is now predicting that home values will be down nationally -1.3% by April 2021.