Both the S&P CoreLogic Case-Shiller U.S. National Home Price Index and the Federal Housing Finance Agency’s (FHFA’s) Home Price Index (HPI) show home prices continuing to increase in April although at a much-diminished rate than in the earlier low-interest rate environment. The annual rate of change for the Case-Shiller indices is now in negative territory. The Case-Shiller National Index, which covers all nine census divisions, posted a decline of 0.2 percent in April, compared to an annual gain of 0.7 percent in the previous month. Before seasonal adjustment, that index was up 1.3 percent month-over-month and rose 0.5 percent after adjustment. The 10-City Composite dropped 1.2 percent, down from the -0.7 percent annual change in March. The 20-City Composite posted a -1.7 percent year-over-year loss, down from -1.1 percent the prior month. Both city composites increased 1.7 percent month-over-month before adjustment. Afterward, the 10-City was up 1.0 percent and the 20-City 0.9 percent. Miami boasted the largest annual increase among metro areas at 5.2 percent, while Chicago broke into the top three in second with a 4.1 percent increase, and Atlanta bumped Charlotte out of third place with a 3.5 percent gain. Seventeen of 20 cities reported lower prices in the year ending April 2023 versus the year ending March 2023. Boston and San Francisco showed 0.1 percent increases and Cleveland gained 0.9 percent.
