Home Prices Rose Broadly in April

The 20-City Case-Shiller Composite Index increased 5.4 percent year-over-year in April, just below March’s rate of 5.5 percent. The 10-City Composite Index increased by 4.7 percent annually, down from a 4.8 percent increase in the previous month. The National Index, which covers all nine Census divisions increased by 5.0 percent, down from 5.1 percent in March.

On a seasonally adjusted monthly basis, the 20-City Composite increased by 1.1 percent, the 10-City Composite increased by 1.0 percent, and the National Index increased by 0.1 percent.

“The housing sector continues to turn in a strong price performance with the S&P/Case-Shiller National Index rising at a 5 percent or greater annual rate for six consecutive months,” said David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “However, the outlook is not without a lot of uncertainty and some risk. Last week’s vote by Great Britain to leave the European Union is the most recent political concern while the U.S. elections in the fall raise uncertainty and will distract home buyers and investors in the coming months.”

Home prices rose in seventeen of the twenty cities covered by the index. Detroit saw the largest gain with prices increasing 1.0 percent on a seasonally adjusted basis, while home prices in Cleveland fell by 0.4 percent.

Read the S&P release.