S&P Case-Shiller Home Price Index: Breaks Previous Month's All-Time High in April

Home prices continued to trend upwards in April as the benchmark 20-city index rose for a fourteenth consecutive month to a new all-time high. The S&P Case-Shiller Home Price Index revealed seasonally adjusted home prices for the 20-city index saw a 0.4% increase month-over-month (MoM) and a 7.2% increase year-over-year (YoY). After adjusting for inflation, the MoM was reduced to 0.0% and the YoY was reduced to 1.3%.

SP Case-Shiller Home Price Index 20-city composite

The benchmark 10-city index rose for a fourteenth consecutive month to a new all-time high in April. The seasonally adjusted home prices for the 10-city index saw a 0.5% MoM, and a 8.0% increase YoY. After adjusting for inflation, the MoM dropped to 0.0% and YoY dropped to 2.1%.

SP Case-Shiller Home Price Index 10-city composite

The benchmark national index rose for a fifteenth consecutive month to a new all-time high in April. The seasonally adjusted home prices for the national index saw a 0.3% increase MoM, and a 6.3% increase YoY. After adjusting for inflation, the MoM fell to -0.2% and YoY fell to 0.5%.

SP Case-Shiller Home Price Index national composite

Here is the analysis from today's Standard & Poor's press release:

ANALYSIS

"For the second consecutive month, we've seen our National Index jump at least 1% over its previous all-time high," says Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices. "2024 is closely tracking the strong start observed last year, where March and April posted the largest rise seen prior to a slowdown in the summer and fall. Heading into summer, the market is at an all-time high, once again testing its resilience against the historically more active time of the year.

"Thirteen markets are currently at all-time highs and San Diego reigns supreme once again, topping annual returns for the last six months. The Northeast is the best performing market for the previous nine months, with New York rising 9.4% annually. Sustained outperformance of the Northeast market was last observed in 2011. For the decade that followed, the West and the South held the top posts for performance. It's now been over a year since we've seen the top region come from the South or the West.

"Last month's all-time high came with all 20 markets accelerating price gains. This month, just over half of our markets are seeing prices accelerate on a monthly basis. At 6.3% annual gains, the index has decelerated from the start of the year, with only two markets rising on an annual basis."