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First Cut: FHFA House Price Index up slightly month-over-month in March, year-over-year still modest

The FHFA House Price Index rose a meager 0.1% in March from February, the slowest gain the up 0.2% in March 2018. The minimal increase may reflect that March is usually a soft month for home prices as it sits on the cusp of spring just before serious home shoppers enter the market. Home prices were up 5.0% compared to a year-ago, similar to the up 5.1% in February. Upward pressure in home prices has faded fairly steadily since up 6.9% in June 2018. However, this may be reaching a near-term low as the housing market shows signs of reviving along with lower mortgage interest rates.


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