Fannie Mae: 2Q Home Prices Down from Record High
Fannie Mae, Washington, D.C., said single-family home prices increased at the annualized rate of 19.4 percent in the second quarter–down slightly from the previous quarter’s upwardly revised 20.5 percent, but still at a highly elevated pace.
The Fannie Mae Home Price Index said on a quarterly basis, home prices rose a seasonally adjusted 4.3 percent.
Duncan said given the sharp rise in mortgage rates since that time, and the resulting negative impact on affordability to potential homebuyers, “we expect purchase demand to cool in the quarters ahead, and for home price appreciation to moderate as a result.”