Economy

S&P Corelogic Case-Shiller HPI Posts Slower Gains for Home Prices in April

Real estate market with price tags above home properties to illustrate house prices in 3D abstract. (Photo: AdobeStock)

The S&P CoreLogic Case-Shiller U.S. National Home Price Index (HPI) covering all nine U.S. census divisions continues to show slower gains in home prices in April.

The S&P CoreLogic Case-Shiller HPI (NSA) reported a 3.5% annual gain in April, down from 3.7% in March. The 10-City Composite annual gain came in at 2.3%, up from 2.2%. The 20-City Composite gained 2.5% year-over-year, down from 2.6%.

Indicator	Prior	Revised	Consensus Forecast	Forecast Range	Result
HPI 20-city, SA – M/M ∆	0.1 %	0.3%	0.2 %	0.0 % to 0.2 %	0.0%
HPI 20-city, NSA – M/M ∆	0.7 %		0.5 %	0.2 % to 0.7 %	0.8%
HPI 20-city, NSA – Yr/Yr ∆	2.7 %	2.6%	2.6 %	2.2 % to 2.6 %	2.5%

“Home price gains continued in a trend of broad-based moderation,” says Philip Murphy, Managing Director and Global Head of Index Governance at S&P Dow Jones Indices. “Year-over-year price gains remain positive in most cities, though at diminishing rates of change. Seattle is a notable exception, where the YOY change has decreased from 13.1% in April 2018 to 0.0% in April 2019.”

Las Vegas, Phoenix and Tampa reported the highest year-over-year gains. In April, Las Vegas led with a 7.1% year-over-year price gain, followed closely by Phoenix at 6.0%, and Tampa at 5.6%.

Still, 9 of the 20 cities saw greater price increases in the year ending April 2019 versus the year ending March 2019.

Worth noting, the FHFA House Price Index (HPI) was up 0.4% in April juxtaposed to a 0.1% gain in March, and the year-over-year rose from 5.0% to 5.2%. The two HPIs have typically mirrored each other.

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