Home prices soared to new highs in April, once again breaking the month prior’s record, despite cool-downs across the market.
Prices were up 6.3% YOY in April, down from March but still elevated, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index.
With this increase, prices hit their seventh record high of the last year.
Month-over-month, national prices rose 0.3% after seasonal adjustment, the same as March, while the 20-City Composite and the 10-City Composite registered gains of 0.4% and 0.5%, respectively.
“For the second consecutive month, we’ve seen our National Index jump at least 1% over its previous all-time high. 2024 is closely tracking the strong start observed last year, where March and April posted the largest rise seen prior to a slowdown in the summer and fall,” says Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices.
“Heading into summer, the market is at an all-time high, once again testing its resilience against the historically more active time of the year.”
But while prices are still moving up, this month’s data showed some important deceleration.
In March, all 20 markets saw accelerating price gains month-over-month, but that number dropped to just over half in April.
For cities, San Diego once again reported the highest annual gains at 10.3%, followed by New York (9.4%) and Chicago (8.7%).
The Northeast reigns supreme for yet another month, having also been the best-performing market for the previous nine months.
“Sustained outperformance of the Northeast market was last observed in 2011. For the decade that followed, the West and the South held the top posts for performance. It’s now been over a year since we’ve seen the top region come from the South or the West,” Luke commented.
The Federal Housing Finance Agency’s House Price Index has similar results, showing prices up 6.3% YOY, a decline from March’s 6.6%, and 0.2% month-over-month.
“U.S. house prices continued to rise in April. However, the appreciation rate slowed in April amid a slight rise in both mortgage rates and housing inventory,” said Dr. Anju Vajja, Deputy Director for FHFA’s Division of Research and Statistics.
“The housing market in general began to show some signs of normalization.”
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