The second consecutive moderate 0.3% m/m rise in house prices in April could be a sign that the increase in home listings this year has cooled the market. We think rising supply will eventually be matched by a jump in buyer demand, once the Federal Reserve begins cutting interest rates and mortgage rates fall closer towards our 6.5% year-end target, so for now we are still comfortable with our forecast for a 5% gain in house prices in 2024.
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