US single-family home prices edged down slightly in April

```htmlGolden Ten Data reported on June 30 that single-family home prices in the United States saw a slight month-over-month decline in April, but a shortage of homes for sale continued to support prices. The Federal Housing Finance Agency (FHFA) stated on Tuesday that after rising by 0.2% in March (revised data), home prices fell by 0.1% in April. The monthly decline in home prices may reflect weak demand, as tensions in the Middle East have pushed up oil prices, leading to higher inflation and mortgage rates. According to Freddie Mac, since the conflict broke out at the end of February, the average rate for mainstream 30-year fixed-rate mortgages has increased by roughly 50 basis points, averaging 6.49% last week. A sharp drop in home prices is unlikely. Over the past 12 months ending in April, home prices rose by 2.0%, compared to a 1.8% increase in March. There is currently a nationwide housing shortage, especially for entry-level homes suitable for first-time buyers. The National Association of Home Builders (NAHB) estimates a housing gap of about 1.2 million units.```