A pair of newly published data reports offer mixed results on home price activity during April.
The S&P Cotality Case-Shiller US National Home Price NSA Index, covering all nine U.S. census divisions, reported a 0.8% annual gain in April, up from a 0.7% rise in March. The 10-City Composite saw an annual increase of 1.8%, up from a 1.5% increase in the previous month, while the 20-City Composite posted a year-over-year increase of 1.1%, up from a 0.9% rise in the previous month.
The pre-seasonally adjusted US National, 10-City Composite, and 20-City Composite Indices recorded annual gains of 0.8%, 1.1%, and 1.0%, respectively. After the seasonal adjustment, the US National and 20-City Composite Indices reported monthly decreases of 0.1% and 0.04%, respectively, while the 10-City Composite Index posted a 0.04% gain.
Chicago, New York and Cleveland reported the highest year-over-year gains with year-over-year price increases of 6.5%, 3.8% and 3.2%, respectively. Seattle posted the lowest return in April, dropping by 2.3% year-over-year.
Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices, observed, “With inflation accelerating to 3.8% in April, US home values have now declined in real terms for an 11th straight month, further eroding inflation-adjusted housing wealth.”
Separately, the Federal Housing Finance Agency (FHFA) reported April’s house prices were down nationwide by a scant 0.1% from the previous month but were up 2% from one year earlier. The previously reported 0.1% price change in March was revised upward to 0.2%.
For the nine census divisions, seasonally adjusted monthly home price changes ranged from -0.8% in the Mountain division to +1.0% in the New England division. The 12-month changes ranged from +0.2% in the Pacific division to +4.4% in the East North Central division.
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