Home Prices Losing Momentum; Redfin IPO; Rates Catch Break

Home Prices Losing Momentum; Redfin IPO; Rates Catch Break

Home prices ratcheted down their rate of gains in May, although as they say, it is all relative. After jumping by 1.6 percent in both March and April, and posting a 6.8 percent annual gain in April the CoreLogic Home Price Index backed down to a 1.2 percent monthly increase in May, and 6.6 percent year over year. It was the second consecutive decrease in the annual rate and the slowest pace so far in 2017. Over the first five months of the year the HPI has posted monthly gains averaging 1.22 percent. The annual increases have averaged 6.88 percent. Home prices in Washington State continue to increase much more rapidly than in the remainder of the country, rising 12.6 percent from May 2016 to May 2017. Utah held onto second place with a 10.4 percent gain, followed by Colorado at 9.7 percent