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The housing market is frozen since the mortgage rates are struck a few years ago, but the final indicators indicate the possibility of an extended slip.
The latest Hal-Shiller House Price Report fell by 0.3% in April in April 0.2% from March 0.2% Dipper.
On Tuesday, in a note, North American economist in the capital’s economy, Thomas Ryan warned the warning of the “deeper adjustment” of those reversed on the back.
“After March, a decrease in household prices in April, increases the risk of 0.3% m / m in home prices, because the market finally collided with 7% of mortgage rates.”
Ryan noted that on a three-month annual basis, home prices fell by 0.4%. Prices have been more than a year since year, since August 2023, the slowest pace
The FHFA price index is not the only red flag because of the only red flag of work shiller data is not the only red flag for showing a decline in 0.4% monthly.
“Clearly, the existing home market sells home to sell, sell, sells, sells, selling more human homes, sellers, sellers,” Riana wrote.
Previous data are also ranked with a low traan. The average selling price of an existing house fell on a seasonally regulated basis in a row for five months. This is as around pandemic levels in advance the number of houses available for sale.
Prices to be sure that low prices require more attractive, potentially more and more represents some relief For young Americans looking for shopping, but outside the market.
However, economists in Citi research reduce high mortgage rates, uncertainty, consumer demand and weak labor market with a high level of emollient labor market.
In addition, the slowdown activity in the housing sector is generally an early sign of this year, this year has said this year in the last note.
“Although prices are still changed from the month, new home prices in the media’s sales prices are likely to continue in more stable events such as the shiller index,” economists predicted.
The capital economy said there are still some reasons to prevent a long decline. Despite some recently, despite some expansion, Ryan pointed out that the supply is relatively tight.
Meanwhile, the mortgage market is also strengthened by more than ten years of harsh loan standards built after a large financial accident. Moreover, the labor market must prevent mandatory sales in the housing market.
“All that is said, the weakness of the last price information means that we have to start taking the prospect of something that we think of our future US housing outlook.
