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First Cut: FHFA House Price Index points to further deceleration in home prices through second quarter

The FHFA House Price Index for June was up 0.1% from May, while the unadjusted year-over-year index was up 4.7% from June 2018. The year-ago comparison was the lowest since 4.7% in January 2015. Consumers are responding to lower mortgage interest rates in entering the housing market, but are also sensitive to affordability in prices as well.  Although the trend for prices is still upward, it has decelerated as supplies of homes are more plentiful and buyers are more willing to wait to purchase and/or seek seller concessions on price.

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