Home prices reached a new all-time high in April, with the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index
- Y-O-Y: Home prices were up 6.3% when compared to last year in April, down from 8.3% in March and the lowest growth rate since January.
- M-O-M: Home prices rose by 0.3% for the month for the second consecutive time.
Best & Worst: The West Coast continues to be the best and worst of times as San Diego continued to report the highest annual gain among the 20 cities in April with a 10.3% increase this month, followed by New York and Chicago, with increases of 9.4% and 8.7%, respectively.
- Meanwhile, Portland once again held the lowest rank this month for the smallest year-over-year growth, with a 1.7% annual increase in April.
What They’re Saying: Brian D. Luke, Head of Commodities at Real & Digital Assets at S&P Dow Jones Indices, notes that this year’s market is comparable to what we saw last year. “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. 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.”
The Bottom Line: While home price growth is slowing, the market continues to break records, demonstrating strong resilience and highlighting ongoing regional disparities. As summer approaches, all eyes will be on whether the market can maintain its momentum during the typically busier season.
