In April, home prices increased 4.7 percent year-over-year, according to the latest S&P CoreLogic/Case-Shiller Indices, a 4.6 percent increase from the previous month. The 10-City Composite annual increase was recorded at 3.4 percent—flat from last month. The 20-City Composite recorded a 4.0 percent gain YoY, up from the previous month’s 3.9 percent increase.
The complete data for the 20 markets measured by S&P:
Las Vegas, Nev.
Los Angeles, Calif.
New York, N.Y.
San Diego, Calif.
San Francisco, Calif.
How the Industry Is Responding:
“April’s housing price data continue to be remarkably stable,” says Craig J. Lazzara, managing director and global head of Index Investment Strategy at S&P Dow Jones Indices. “The National Composite Index rose by 4.7 percent in April 2020, with comparable growth in the 10- and 20-City Composites (up 3.4 percent and 4.0 percent, respectively). In all three cases, April’s year-over-year gains were ahead of March’s, continuing a trend of gently accelerating home prices that began last fall.
“As was the case in March, we have data from only 19 cities this month, since transactions records for Wayne County, Michigan (in the Detroit metropolitan area) continue to be unavailable. This is, so far, the only directly visible impact of COVID-19 on the S&P CoreLogic Case-Shiller Indices,” said Lazzara. “The price trend that was in place pre-pandemic seems so far to be undisturbed, at least at the national level. Indeed, prices in 12 of the 20 cities in our survey were at an all-time high in April.
“Among the cities, Phoenix retains the top spot for the 11th consecutive month, with a gain of 8.8 percent for April. Home prices in Seattle rose by 7.3 percent, followed by increases in Minneapolis (6.4 percent) and Cleveland (6.0 percent). Prices were particularly strong in the West and Southeast, and comparatively weak in the Northeast.” — Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy, S&P Dow Jones Indices
“While actions to mitigate the pandemic have varied, everyone has been affected by COVID-19—and the impact has not been even across local economies or housing markets. Nevertheless, some of the tailwinds that supported the demand coming into 2020, such as demographics and low mortgage rates, remain intact and may even accelerate demand. Still, supply headwinds, such as declining for-sale inventories, will continue to keep a lid on the number of transactions but also push up home price growth.” — CoreLogic Deputy Chief Economist Selma Hepp
“Home prices were well supported in April thanks to low interest rates and a lack of choices in what to buy. Pent up demand from those anxious to shop for a new home while stuck in theirs should continue this momentum as shown by the surge in purchase mortgage applications in recent weeks.” — Bill Banfield, Quicken Loans Executive Vice President of Capital Markets