The latest S&P CoreLogic Case-Shiller Index is out, highlighting big gains in home prices across the U.S. in April (the Index historically is released 6-8 weeks following the end of the reporting period).
April’s Index points to a 20.4 percent annual increase in the cost of a home in the U.S., down slightly from the prior month’s upwardly revised jump of 20.6 percent. The slight slowdown in pace is the first time the Index has noted a price cooling since November 2021, according to Yahoo Finance.
“April 2022 showed initial (although inconsistent) signs of a deceleration in the growth rate of U.S. home prices,” Craig Lazzara, managing director at S&P DJI, said in a statement. “We continue to observe very broad strength in the housing market, as all 20 cities notched double-digit price increases for the 12 months ended in April. April’s price increase ranked in the top quintile of historical experience for every city, and in the top decile for 19 of them.”
The Index’s 10-city composite registered an annual increase of 19.7 percent in April, up slightly from 19.5 percent in March. The cities that saw the biggest price increases were Tampa, Miami and Phoenix, with year-over-year home prices gains of 35.8 percent, 33.3 percent and 31.3 percent, respectively.