National home prices increased 3.6% year over year in April 2019 and are forecast to increase by 4.7% from April 2019 to April 2020. The April 2019 HPI gain was down from the April 2018 gain of 6.6%, but up slightly from the March 2019 gain of 3.5%, indicating that the rate of home price increases has flattened out. Prices in 39 states (including the District of Columbia) have risen above their pre-crisis peaks. Of the 7 states that had larger peak-to-trough declines than the national average, California, Idaho, and Michigan have surpassed their pre-crisis peaks as of April 2019. Connecticut home prices in April 2019 were the farthest below their all-time HPI high, still 18.8% below the July 2006 peak. (CoreLogic)
DID YOU KNOW?
The mega-rich - richer than ever before - are buying in Manhattan: TWO sales for around $80 million each were announced yesterday - a townhouse mansion on the Upper East Side and separately a combo penthouse overlooking Madison Square Park for Jeff Bezos who everyone said just a few weeks ago had abandoned New York City.....apparently not! Both deals closed before the new Mansion taxes kick in. (WSJ)
DID YOU KNOW?
Fed Chief Powell indicated an interest rate cut is imminent to off-set the negative effects of the China-US trade war, not to mention other trade disputes that are certain to impact consumers.....and potentially lead to higher inflation. Combine lower rates with areas where sellers are becoming more realistic and this could be great for us in real estate land!
DID YOU KNOW?
Oil prices are going down, while gold and precious metal prices are rising: often this indicates a correction/recession ahead. (Marketwatch)
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