The S&P CoreLogic Case-Shiller US National Home Price NSA Index reported a 2.7% annual return in April, down from 3.4% the previous month.
The 10-City Composite annual increase came in at 4.1%, down from 4.8% the previous month, while the 20-City Composite posted a 3.4% year-over-year gain, down from 4.1% in the previous month.
The pre-seasonally adjusted US National Index posted a 0.6% gain while both the 10-City Composite and 20-City Composite Indices reported gains of 0.7%. After the seasonal adjustment, the US National Index posted a decrease of -0.4% while both the 10-City Composite and the 20-City Composite Indices saw a -0.3% decrease.
New York, Chicago, and Detroit reported the highest year-over-year gains with year-over-year price increases of 7.9%, 6.0% and 5.5%, respectively, while Tampa posted the smallest year-over-year growth of 2.2%.
“The housing market continued its gradual deceleration in April, with annual price gains slowing to their most modest pace in nearly two years,” said Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices. “What’s particularly striking is how this cycle has reshuffled regional leadership—markets that were pandemic darlings are now lagging, while historically steady performers in the Midwest and Northeast are setting the pace. This rotation signals a maturing market that’s increasingly driven by fundamentals rather than speculative fervor.”
Godec added, “We’re witnessing a housing market in transition. The era of broad-based, rapid price appreciation appears over, replaced by a more selective environment where local fundamentals matter more than national trends. For investors and policymakers alike, this shift toward geographic divergence and moderate growth may actually represent a healthier, more sustainable trajectory than the unsustainable boom we experienced just a few years ago.”
Separately, the Federal Housing Finance Agency reported house prices were down 0.4% in April from March, while prices were up 3% year-over-year. For the nine census divisions, seasonally adjusted monthly home price changes ranged from -1.3% in the West South Central and South Atlantic divisions to +1.2% in the Middle Atlantic division. The 12-month changes were all positive, ranging from +0.5% in the Pacific division to +7.4% in the Middle Atlantic division.
