Key Points:
- The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, fell 0.2% in the year that ended in April, down from 0.7% increase in the previous month.
- 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%.
- The 20-City Composite posted a -1.7% year-over-year decline, up from -1.1% in the previous month.
- The 10-City Composite posted a -1.2% year-over-year decline, up from -0.7% in the previous month.
- Miami reported the highest gains among the 20 cities in April with a 5.2% year-over-year price increase, followed by Chicago with a 4.1% increase, and Charlotte with an 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.
- The Right Facts will continue to monitor home prices.