Steel Markets

Climbing Home Prices Ease Slightly in April

Written by Sandy Williams

The climb in home prices eased somewhat in April, according to the latest data from the S&P CoreLogic Case Shiller National Home Price Index. The national index showed a 6.4 percent annual gain in April, down from 6.5 percent in March.

The 10-City Composite annual increase came in at 6.2 percent, down from 6.4 percent in the previous month. The 20-City Composite posted a 6.6 percent year-over-year gain, down from 6.7 percent in the previous month.

Cities in the western U.S. led price increases in April with Seattle showing an annual gain of 13.1 percent, Las Vegas 12.7 percent and San Francisco 10.9 percent.

“The favorable economy and moderate mortgage rates both support recent gains in housing,” said David M. Blitzer Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “One factor pushing prices up is the continued low supply of homes for sale. The months-supply is currently 4.3 months, up from levels below 4 months earlier in the year, but still low.”

The S&P CoreLogic Case-Shiller Indices, published monthly, accurately track the price path of typical single-family homes located in each metropolitan area. Each index combines matched price pairs for thousands of individual houses from the available arms-length sales data. The S&P CoreLogic Case-Shiller U.S. National Home Price Index tracks the value of single-family housing within the United States. The index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated quarterly. The 10 and 20-city indices are value-weighted averages of the metro area indices.

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