The S&P CoreLogic Case-Shiller U.S. National Home Price Index reported a 6.3 percent annual gain for April, down from an 8.3 percent annual increase in the previous month. In the face of continually high mortgage rates, the Index increased 1.2 percent on a monthly basis.
San Diego continued to report the highest annual gain among the top 20 cities in April with a 10.3 percent increase. New York and Chicago followed with increases of 9.4 percent and 8.7 percent, respectively.
Portland once again held the lowest rank this month for the smallest year-over-year growth, with a 1.7 percent annual increase in April.
“For the second consecutive month, we’ve seen our National Index jump at least 1 percent over its previous all-time high,” says Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices. “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.”
According to CoreLogic’s analysis, compared with the 2006 peak, the 20-city composite index is up by 60 percent. Adjusted for inflation, the 20-city index is up by 8 percent compared with its 2006 high point. Nationally, home prices are 17 percent higher (adjusted for inflation) compared with 2006.
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