According to recent data, home prices have shown a slight decrease of 5.1% on an annual basis in April. Despite this dip, industry experts predict that this cooling trend is likely to persist in the coming months. However, the demand for purchase mortgages remains significantly lower compared to levels seen in 2018 and 2019, with a noticeable 45% difference.

Key points from the text include:

– Home prices decreased by 5.1% annually in April
– Experts anticipate a continued cooling of home prices
– Purchase mortgage demand is currently 45% lower than in 2018 and 2019

Overall, while home prices have seen a decrease and are expected to continue to cool, the housing market still faces challenges in terms of purchase mortgage demand compared to previous years.

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