Single-Family Home Price Growth Still at Record Highs, Despite Slowing
Single-family home price increases in the U.S. slowed slightly in April but remained at 35-year highs. Home prices jumped 20.4% year-over-year in April, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index which measures average home prices across the nation’s nine U.S. Census Divisions. Since April 2021, home prices have been rising at the fastest rates in the index’s 35 year-history. The annual increase in April 2022 decelerated slightly from the upwardly revised year-over-year jump of 20.6% in March 2022 but was still the second largest on record. The S&P CoreLogic Case-Shiller 20-City Composite Index posted a 21.2% annual gain in April, up slightly from 21.1% the previous month. Nine of the 20 cities in the index reported higher year-over-year price increases in April 2022 compared to March, with all five cities in the South composite (Atlanta, Charlotte, Dallas, Miami and Tampa) represented there. And all the cities in the index recorded double-digit price increases over the past year, with Sun Belt cities logging the biggest gains. Tampa (35.8%), Miami (33.3%) and Phoenix (31.3%) reported the highest year-over-year gains among the 20 cities in April. The smallest gains were seen in Minneapolis (12.3%), Washington, DC (12.7%) and Chicago (13.0%).