Byron Lazine

Single-family home prices increased again in April as low inventory keeps a nationwide correction at bay. Prices were up 2% YOY, the 135th straight month of growth, according to CoreLogic’s Home Price Index. However, it’s the sixth straight month of single-digit gains, a boon for affordability. Since peaking in spring 2022 at nearly 20% growth, prices have moderated. Month-over-month, prices rose by 1.2%. The ongoing stock shortage could keep prices up even as demand dwindles, possibly for the next twelve months. CoreLogic expects price growth to tick down further in 2023 before changing course at year-end. “While mortgage rate volatility continues to cause buyer hesitation, the lack of for-sale homes is putting firm pressure on prices this spring, leading to…