West Coast Home Prices Fell in April

Home prices, adjusted for inflation, fell year-over-year in four West Coast metros and Chicago in April, including a nearly 2% drop in Seattle prices, Forbes reports.

We see strong downward trends in the amount of price appreciation since last summer after years of very strong price gains. Los Angeles and San Francisco prices seemed to have bottomed out for at least a while as they entered the spring high season. It's surprising that Seattle kept slowing so fast in April and suggests continued weakness.

Although (nominal) house prices increased in all 20 metros covered by Case-Shiller, the size of increases were getting smaller in all 20 metros and the United States as a whole. Nationally, house prices increased 6.5% from April 2017 to April 2018 but only 3.5% from April 2018 to April 2019.

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