Growth in home prices slowed again in January, according to a new report. This is the tenth consecutive month of tapered growth in year-over-year appreciation recorded by CoreLogic. The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, climbed 4.3 percent in the year ending January. This is down from 4.6 percent the prior month.
When looking at prices on a month-to-month basis, most regions saw a decrease. San Diego home prices fell 0.2 percent in January but remain 1.3 percent higher over the past 12 months.
Slower price growth combined with lower mortgage rates have experts speculating that the spring and summer will see elevated home purchase activity.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.