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The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s Case-Shiller National Home Price Index report:

“Home price growth remains strong across the country as reflected in the Case-Shiller Home Price Index, with a 6.4 percent gain from a year ago. The ongoing housing shortage has been pushing up home prices well above income growth. Prices were generally rising more strongly in the lower price brackets, while the prices of expensive homes are beginning to level off; there are, however, unambiguous signs of home prices softening across the board. The month-to-month price appreciation in April was one of the softest in the past 18 months, with only 0.33 percent gain, which translates into only 4.1 percent annualized growth rate. Rising mortgage rates have also tampered some buying enthusiasm. Given the hit to affordability from the double whammy of rising prices and rising interest rates, it is more critical than ever to bring additional homes to the market to relieve affordability pressures.”