General

In April, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index recorded a 2.7% annual gain, down slightly from 3.4% in March. The 10-City Composite saw an annual increase of 4.1% in April, down from 4.8% the previous month, while the 20-City Composite rose 3.4% year-over-year, down from 4.1%. Among the 20 cities, New York again posted the highest annual gain at 7.9%, followed by Chicago at 6.0% and Detroit at 5.5%. Tampa again recorded the lowest annual return, with prices falling 2.2%.

On a month-over-month basis, the U.S. National Index rose 0.6%, while the 10-City and 20-City Composites both increased 0.7% before seasonal adjustment. Meanwhile, after seasonal adjustment, the National Index posted a decrease of 0.4%, while the 20-City and 10-City Composites decreased 0.3%. The differences between raw and seasonally adjusted figures reveal the pressure affordability is putting on expected seasonal patterns. Detroit (+1.5%), Boston (+1.5%) and New York (+1.2%) led monthly price gains, while only Los Angeles (-0.1%) and Phoenix (-0.04%) posted monthly declines.

Affordability constraints hit previously overheated markets hardest in April, while buyers expressed new interest in traditionally stable markets with more reasonable price levels. Mortgage rates continue to hover in the mid-6% range, and monthly payment burdens remain near multi-decade highs relative to incomes, which continue to price out potential buyers. Despite weaker buyer demand, persistent supply shortages are providing a price floor and preventing price corrections.