US home price growth slows to 2.7% in April

The housing market is definitely slowing. Especially condos. With the condo months of supply on the market hitting 6.7 months in May 2025. Highest level since the 2006-12 downturn. Single-family supply is now up to 4.4 months. pic.x.com/xUXuKYZOgX

The softening continues to filter over into the rate of change for U.S. home prices Case Shiller today: +3.4% YoY to +2.7% YoY FHFA today: +3.8% YoY to 3.0% YoY More to come. Directionally, the Zillow Home Value Index leads the repeat sales indices (like Case-Shiller) pic.x.com/iHC3VZey5f

Without seasonal adjustment, U.S. single-family home prices, as measured by the fairly lagged Case-Shiller National Home Price Index, rose +0.6% between the March and April reading Seasonally adjusted, that's a -0.4% decline Year-over-year: +2.7% (it was +3.4) pic.x.com/crvgirZN4Z

Canada's CPI report today still shows home rental prices rising by 4.5% Y/Y in May, down from 9% at the peak last year. On the ground we know market rents are outright declining across most major metros.