Home Price Gains Continued to Slow in April

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Nationally, home price appreciation continued to slow in April. On the growth side, Boston led the way with an 11.0% annual growth rate in April, while four metro areas experienced price declines.

The Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 3.4% in April, following an increase of 3.1% in March. On a year-over-year basis, the Case-Shiller U.S. National Home Price NSA Index rose by 3.5% in April, down from 3.7% in March. It was the lowest annual gain since September 2012. The annual growth rate has decreased for thirteen straight months, from 6.5% in March 2018 to 3.5% in April 2019.

Meanwhile, the Home Price Index, released by the Federal Housing Finance Agency (FHFA), rose at a seasonally adjusted annual rate of 4.7% in April, following the 1.8% increase in March. On a year-over-year basis, the FHFA Home Price NSA Index rose by 5.3% in April, after an increase of 5.2% in March.

In addition to tracking home price changes nationwide, S&P also estimated home price indexes across the 20 metro areas. The bars in Figure 2 show the 20 major U.S. metropolitan areas’ annual growth rates in April 2019 and March 2019. The red line presents the national growth rates in March 2019; the green line presents the national growth rates in April 2019.

In April, the annual growth rates of the 20 metro areas ranged from -6.8% to 11.0%. Among the 20 metro areas, Boston, San Francisco and Los Angeles reported the highest annual growth rates. Boston led the way with an 11.0% increase, followed by San Francisco with an 8.0% increase and Los Angeles with 7.1%. Eight of the 20 metro areas exceeded the national average of 3.4% in April. Compared with last month, in April, eleven metro areas accelerated, and four metro areas, including Dallas (-0.3%), Minneapolis (-0.5%), Washington DC (-0.6%) and Seattle (-6.8%), experienced price declines.



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