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FHFA, S&P Dow Jones Indices: Home Prices Soar In April

Sarah Wolak
Jun 28, 2022
Rising Home Price

The FHFA price index rose 1.6% in April, parallel with S&P’s reported 2.08% gain.

KEY TAKEAWAYS
  • The FHFA says that inventory remains low, keeping cost pressures to continue trending upwards.
  • Compared to last April, home prices increased over 14% in the Middle Atlantic census division and nearly 24% in the South Atlantic division.
  • The latest results from the S&P Dow Jones Indices indicated a 20.4% annual gain in April.

The latest Federal Housing Finance Agency (FHFA) house price index (HPI) revealed that home prices rose nationwide in April, up 1.6% from the previous month. Compared year-over-year, prices rose 18.8%. 

For the nine census divisions, seasonally adjusted monthly house prices changed drastically from March 2022 to April 2022. The East South Central division increased 0.3% and 2.5% in the West South Central division. The 12-month changes were all positive, increasing 14.1% in the Middle Atlantic division and 23.5% in the South Atlantic division.

"House price appreciation continues to remain elevated in April," Will Doerner, supervisory economist in FHFA's Division of Research and Statistics, said. "The inventory of homes on the market remains low, which has continued to keep upward pressure on sales prices.  Increasing mortgage rates have yet to offset demand enough to deter the strong price gains happening across the country."

Additionally S&P Dow Jones Indices (S&P DJI) today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for April 2022 show that home prices continue to increase across the U.S. 

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 20.4% annual gain in April, down from 20.6% in the previous month.

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