Housing Price Recovery Continued for Third Consecutive Month in April

After declining from June 2022 to January 2023, housing prices increased on a month-over-month basis each of the past three months, according to the S&P CoreLogic Case-Shiller Index.

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April data from the S&P CoreLogic Case-Shiller Indices indicates housing prices increased on a month-over-month basis in all 20 major metro markets analyzed, with gains accelerating in 12 markets.

“Despite deepening declines year over year, home prices climbed on a monthly basis for the third consecutive month,” says Nik Scoolis, manager, housing economics for Zonda. “The most recent data illustrates renewed strength in the housing market despite tepid existing-home sales figures. With rates still elevated and prices now rising, how buyers continue to navigate affordability problems will be important to watch into the next quarter.”

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S Census divisions, recorded a 0.2% annual decrease in April, down from a 0.7% gain in the previous month. The 10-City Composite decreased 1.2% on a year-over-year basis, while the 20-City Composite posted a 1.7% year-over-year loss.

Miami (+5.2%), Chicago (+4.1%), and Atlanta (+3.5%) recorded the highest year-over-year gains among the 20 cities analyzed in April. Seventeen of the 20 cities reported lower prices in the year ending April versus the year ending March.

“Miami’s 5.2% gain made it the best-performing city for the ninth consecutive month,” says Craig Lazzara, managing director at S&P Dow Jones Indices. “At the other end of the scale, however, the worst eight performers are all in the Mountain or Pacific time zones, with Seattle (-12.4%) and San Francisco (-11.1%) at the bottom. The Southeast (+3.6%) continues as the country’s strongest region, while the West (-6.9%) remains the weakest.”

Before seasonal adjustment, the U.S. National Index posted a 1.3% month-over-month increase in April, while the 10-City and 20-City Composites both posted increases of 1.7%.

“The U.S. housing market continued to strengthen in April,” Lazzara says. “Home prices peaked in June 2022, declined until January 2023, and then began to recover. If I were trying to make a case that the decline in home prices that began in June 2022 had definitively ended in January 2023, April’s data would bolster my argument.”

About the Author

Vincent Salandro

Vincent Salandro is an editor for Builder. He earned a B.A. in journalism and a B.S. in economics from American University.

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