The rate at which home prices in the U.S. continued to decline in April, the latest in a series of indicators that conditions are slowly changing to a buyers’ market. Average home prices rose 3.5 percent in April compared to the same month last year, down from 3.7 percent in March and 3.9 percent in February. This latest data comes from the S&P CoreLogic Case-Shiller National Home Price Index.
Market experts are describing the slowdown as a moderation after years of rapid acceleration in home values that priced out many would-be home buyers. The effect of the more moderate price growth coupled with low mortgage rates was seen last month in a uptick in existing home sales as reported by the National Association of Realtors.
It is expected that buyers will continue to enjoy more modest price increases and low mortgage rates for the foreseeable future.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.
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