Home values fell in real terms for an 11th straight month as inflation outpaced price gains, while regional performance remained sharply uneven across major metro areas.
U.S. home price growth accelerated slightly in April, with the S&P Cotality Case-Shiller National Home Price Index rising 0.8% from a year earlier, up from 0.7% in March. The 10-City Composite increased 1.8% and the 20-City Composite rose 1.1%, both improving from the previous month. Still, with April inflation at 3.8%, home values declined in real terms for an 11th consecutive month, highlighting the pressure rising costs continue to place on housing wealth and affordability. Regional performance remained uneven. Chicago led the 20-city index with a 6.5% annual gain, followed by New York at 3.8% and Cleveland at 3.2%, while Seattle posted the weakest result with a 2.3% drop. Denver, Tampa, Dallas and Phoenix also recorded annual declines, leaving nearly a 9 percentage-point gap between the strongest and weakest markets. Monthly data showed typical spring strength on a non-seasonally adjusted basis, with the national index up 0.8% from March and the 10-city and 20-city composites gaining 1.1% and 1.0%. After seasonal adjustment, however, the national index slipped 0.1%, the 20-city composite was roughly flat at minus 0.04%, and the 10-city composite edged up 0.04%. S&P Dow Jones Indices said mortgage rates climbed back to 6.3% in April after dipping below 6% earlier in the year, keeping financing costs elevated. The April Detroit update was not published because transaction delays in Wayne County affected the data.