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  • Writer's pictureTom Reilly

U.S. Home Prices Set New Record High, But Growth Is Slowing



The numbers: Home prices in the 20 biggest U.S. metros set another record high, as the housing market suffers from a dearth of property listings.


But the pace of appreciation has slowed from the previous month, reflecting the toll of 7% mortgage rates and low inventory.


The S&P CoreLogic Case-Shiller 20-city house price index rose 0.4% in April compared to the previous month.


Home prices in the 20 major U.S. metro markets were up 7.2% in the last 12 months ending in April. That’s down from an increase of 7.5% the previous month.


A broader measure of home prices, the national index, rose 0.3% in April and was also up 6.3% over the past year. All numbers are seasonally adjusted.


The 20-city and the national index are at an all-time high.


Key details: San Diego posted the biggest year-over-year home-price gains in April. Prices were up 10.3%.


All 20 major markets reported yearly gains.


Home prices grew the slowest in Portland, by 1.7%.


Cities Change from last year

Atlanta 5.9%

Boston 7.9%

Charlotte 7.3%

Chicago 8.7%

Cleveland 8.5%

Dallas 3.4%

Denver 2%

Detroit 7.2%

Las Vegas 8.3%

Los Angeles 8.6%

Miami 8.2%

Minneapolis 2.9%

New York 9.4%

Phoenix 4.8%

Portland 1.7%

San Diego 10.3%

San Francisco 4.7%

Seattle 7.5%

Tampa 3.6%

Washington 6.4%

Composite-20 7.2%


A separate report from the Federal Housing Finance Agency also showed home prices rose 0.2% in April from the previous month, and were up 6.3% in the past year. Compared to last year, home prices were up the most in the New England and Middle Atlantic regions.


The median price of a resale home was $407,600 April, and a newly built home was $433,500.


Big picture: Home price growth slowed slightly in April, but prices still remain stubbornly high. Until there is a dramatic increase in property listings, home prices are likely to keep rising, and straining affordability.


First-time home buyers in particular are at a disadvantage, as they not only grapple with high mortgage rates, rising home prices, but also lack a prior home to sell, raise proceeds, and buy another.


What S&P said: “2024 is closely tracking the strong start observed last year, where March and April posted the largest rise seen prior to a slowdown in the summer and fall,” Brian D. Luke, head of commodities, real estate and digital assets at S&P Dow Jones Indices, said in a statement.


And “heading into summer, the market is at an all-time high, once again testing its resilience against the historically more active time of the year,” he added.


But to be sure, looking at the 20-city index, several markets saw prices decelerate, Luke noted.

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