In March, home prices retreated 0.9%, sliding 0.04% year over year, according to First American’s Real House Price Index.
According to First American ’s data, unadjusted house prices sit 2.6% above the housing boom peak. Additionally, consumer buying power rose 1.5% between February and March, increasing 5.2% year over year. This means when consumer house-buying power is factored in, home prices are actually 40% below their 2006 peak and 15% below prices from January 2000.
First American Chief Economist Mark Fleming said what began as a modest shift toward a buyers’ market in six cities last month has expanded into a national shift in affordability.
“The shift is a departure from the long-term trend in the Real House Price Index, which had been steadily increasing throughout the rising mortgage rate environment that began in 2017 and continued until late 2018,” Fleming said. “Rising mortgage rates caused consumer house-buying power to decline at the same time as tight supply pushed house prices up rapidly.”
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