According to the S&P CoreLogic Case-Shiller Indices, data released in April show that all 20 major metro markets again reported month-over-month price increases, with gains accelerating in 12 markets.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a -0.2% annual decrease in April, down from a gain of 0.7% in the previous month. The 10-City Composite showed a decrease of -1.2%, down from the -0.7% decrease in the previous month. The 20-City Composite posted a -1.7% year-over-year loss, down from -1.1% in the previous month.
Miami, Chicago and Atlanta reported the highest year-over-year gains among the 20 cities in March. Miami held the top spot again with a 5.2% year-over-year price increase, while Chicago broke into the top three in second with a 4.1% increase and Atlanta reclaiming third over Charlotte with a 3.5% increase. There are 17 of 20 cities reporting lower prices in the year ending April 2023 versus the year ending March 2023, with Boston, San Francisco and Cleveland showing slight increases of 0.1%, 0.1% and 0.9%, respectively.
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%. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.5%, while the 10-City Composite gained 1.0% and 20-City Composites posted an increase of 0.9%.
“The U.S. housing market continued to strengthen in April 2023,” says Craig J. Lazzara, managing director at S&P DJI. “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. Whether we see further support for that view in coming months will depend on the how well the market navigates the challenges posed by current mortgage rates and the continuing possibility of economic weakness.”