Home prices up in April as supply remains an issue, Case-Shiller says
Home prices rose 6.4% on an annual basis in April, not seasonally adjusted, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index, released Tuesday.
In March, the index rose 6.5% on an annualized basis.
The 10-city composite index grew 6.2% year-over-year, down from 6.4% in the prior month, while the 20-city index grew 6.6% year-over-year, off from 6.7% in March.
Seasonally adjusted month-over-month, the national index rose 0.3% in April, the 20-city composite grew 0.2%, and the 10-city composite increased 0.1%. Before adjustment the national index was up 1.0% in the month, while the 10- and 20-city composites gained 0.6% and 0.8%, respectively.
Economists polled by IFR Markets expected a 0.4% rise month-over-month and 6.8% year-over-year.
“Seattle, Las Vegas, and San Francisco continue to report the highest year-over-year gains among the 20 cities, with year-over-year price increases of 13.1%, 12.7% and 10.9%, respectively,” according to a release.
Nine cities saw larger price increases for the year ending April than in March.
“Home prices continued their climb with the S&P CoreLogic Case-Shiller National Index up 6.4% in the past 12 months,” David M. Blitzer, managing director & chairman of the index committee at S&P Dow Jones Indices, said in a release. “Cities west of the Rocky Mountains continue to lead price increases with Seattle, Las Vegas and San Francisco ranking 1-2-3 based on price movements in the trailing 12 months. The favorable economy and moderate mortgage rates both support recent gains in housing. One factor pushing prices up is the continued low supply of homes for sale. The months-supply is currently 4.3 months, up from levels below 4 months earlier in the year, but still low.”