Quality Services.

April 30 2026

Home price appreciation remained subdued in early 2026, according to the latest data from both FHFA and S&P Cotality Case-Shiller. The two reports show prices still edging higher nationally, but with momentum slowing further as affordability constraints and elevated mortgage rates continue to weigh on the market. FHFA’s seasonally adjusted House Price Index was unchanged in February from the prior month, following an upwardly revised 0.2% gain in January . On an annual basis, prices were up 1.7% versus February 2025, slightly below the pace seen in prior months and consistent with a cooling appreciation trend. Regional FHFA data showed continued divergence across the country. Monthly price changes ranged from -1.1% in the Mountain division to +0.6% in the South Atlantic division. Over the past year, appreciation ranged from -0.7% in the Mountain region to +4.2% in the Middle Atlantic, highlighting a growing split between softer Western markets and firmer Northeastern areas. The S&P Cotality Case-Shiller U.S. National Home Price Index posted a 0.7% year-over-year gain in February, down from 0.8% previously and marking another step lower in annual appreciation. The 10-City Composite rose 1.5% , while the 20-City Composite increased 0.9% , both slowing from January readings.

April 24 2026

Short version: The Pending Home Sales Index remains in the same low, narrow, sideways range that's been intact for 3 years. The good news is that there's been a reliable floor. The bad news is that the top of the range lines up with the historic lows seen in 2010 (April 2020 notwithstanding).  Longer version: Pending home sales moved modestly higher in March, breaking from recent softness but remaining within a relatively subdued range. The National Association of Realtors’ Pending Home Sales Index (PHSI) increased 1.5% month over month while declining 1.1% compared with the same time last year. The monthly gain suggests some underlying demand resilience, even as mortgage rates remained elevated. However, on an annual basis, contract activity continues to reflect a market still working through affordability constraints and uneven buyer participation. NAR Chief Economist Lawrence Yun noted that, " Contract signings rose in March despite higher mortgage rates, pointing to pent-up housing demand… A greater supply of inventory will help translate that demand into more home sales. " He added that demand remains particularly rate-sensitive among first-time and younger buyers, underscoring the need for additional supply in smaller, more affordable homes. Regional performance remained mixed. The Northeast and South posted monthly gains, while the Midwest and West saw declines. On a year-over-year basis, only the South recorded an increase, with the remaining regions continuing to trend lower — highlighting ongoing regional divergence in housing activity.

April 24 2026

Mortgage applications surged last week, posting a strong rebound as declining rates and improving market sentiment drove broad-based gains. The Mortgage Bankers Association (MBA) reported a 7.9% increase on a seasonally adjusted basis for the week ending April 17. Both refinance and purchase activity contributed to the increase, with the Refinance Index rising 6% from the previous week and standing 52% higher than one year ago. Purchase applications showed even stronger momentum, climbing 10% week over week and up 14% on an annual basis — a notable shift after recent softness. The improvement comes as mortgage rates moved lower, with the average 30-year fixed rate declining to 6.35% . The drop was driven in part by easing geopolitical tensions and lower oil prices, which helped stabilize financial markets and restore some borrower confidence. MBA’s Mike Fratantoni said, " Mortgage rates declined last week as financial markets responded positively to the Middle East ceasefire and the lower trend in oil prices… purchase application volume increased an even stronger 10 percent and was up 14 percent compared to last year’s pace. Despite the geopolitical uncertainty, housing demand is being supported by a still resilient job market, and homebuyers are experiencing a buyer’s market in most of the country… " Application composition shifted slightly away from refinancing, with refinance share decreasing to 44.2% from 45.5% the prior week. ARM share also declined to 8.0% . FHA share held steady at 18.2% , while VA share decreased to 15.0% and USDA share remained unchanged at 0.5% .