Home prices continued to accelerate at a double digit pace in April according to CoreLogic. The latest reading came in at 10.5% year over year which is the fifteenth consecutive double digit reading. Since 1977 the CoreLogic housing price index has averaged a 5.7% annual change so the current rate of change is substantially higher than the historical norm.
While the annual rate of change looks strong it has decelerated in recent months from almost 12%. Still, the housing market in the USA remains robust. And that’s probably not surprising since Americans have become disillusioned by just about every other asset class as seen in this recent survey on various asset classes.