US home price appreciation slowed for the 14th month in a row in May, rising only 2.39% YoY (below expectations), its weakest home price growth since Aug 2012…
“Though home price gains seem generally sustainable for the time being, there are significant variations between YOY rates of change in individual cities,” Philip Murphy, managing director and global head of index governance at S&P Dow Jones Indices, said in a release.
“Seattle’s home price index is now 1.2% lower than it was in May 2018, the first negative YOY change recorded in a major city in a number of years.”
Las Vegas, Phoenix and Tampa reported the highest year-over-year gains among the 20 cities; seven of the 20 cities reported greater annual price increases in May.
Finally, there is a potential silver lining – if history is any guide…
Lower rates may be set to drag home prices higher.
via ZeroHedge News https://ift.tt/2LPbtTn Tyler Durden