U.S. home prices posted a 0.8% annual gain for April, up slightly from a 0.7% increase in March, according to the S&P Cotality Case-Shiller U.S. National Home Price NSA Index. With inflation running at 3.8% in April—roughly 3 percentage points above the home price gain—home values declined in real terms for the 11th consecutive month.
Housing is "largely treading water in nominal terms and falling in real terms," said Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices, who pointed to 30-year mortgage rates climbing back to 6.3% in April as a continued headwind.
Chicago again led regional value growth with a 6.5% annual gain, followed by New York City at 3.8% and Cleveland at 3.2%, while Seattle posted the steepest decline at 2.3%.
Read the full report here.
