National home prices notched a stronger annual gain in April than in March, marking the first time in over a year that prices have accelerated from one month to the next.
That data comes from a report out Tuesday from CoreLogic, a national real estate information services provider. Prices were up 3.6% for the year and 1% for the month in March.
But sales as reported by the National Association of Realtors were slower in April than in March: they ran at a 5.19 million seasonally adjusted annual pace in April, down from a 5.21 million pace in March.
CoreLogic expects home prices to keep powering higher, and forecasts a 4.7% rise over the coming 12 months. The company also analyzes housing stock in major metro areas for their values compared to their “long-term, sustainable level.” By these measurements, markets including Las Vegas were overvalued, while San Francisco was undervalued.
The company’s chief economist points out that price growth nationally is strongest for lower-priced homes, keeping buying conditions challenging for first-timers.