Home prices in April gained 5.5 percent year-over-year, little changed from an annual gain of 5.6 percent in March, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index.
The 10-City Composite in April came in at 4.9 percent, down from 5.2 percent in March, while the 20-City Composite posted a gain of 5.7 percent in April, down from 5.9 percent in March.
The highest year-over-year gains in April were reported in Seattle, 12.9 percent; Portland, Ore., 9.3 percent; and Dallas, 8.4 percent.
The National Index reported a month-over-month increase of 0.2 percent in April. The 10-City and 20-City Composites posted month-over-month gains of 0.2 percent and 0.3 percent, respectively.
In response to the report, David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said he believes the consistent home price increases do not point to a bubble.
“The question is not if home prices can climb without any limit; they can’t,” he said in a statement. “Rather, will home price gains gently slow or will they crash and take the economy down with them? For the moment, conditions appear favorable for avoiding a crash.”
